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Updated over 8 years ago,
Creative option(s) for fully rented multifamily to be an OO?
Has anyone creatively come up with a way to acquire an already leased out small multi-family to be able to structure it as an OO?
As an example: duplex->fourplex with all units leased until the end of the year, but would like to use the property as an OO ASAP.
Clearly wouldn't/couldn't evict the tenants (nor would you want to start your land-lording on that note).
Not sure if you could (or would want to) "entice" one of the tenants to move or brake their lease before it is up. Let alone of this is even legal.
Are there any options from a financing standpoint that could create OO criteria in the future? I assume you'd have to structure it as an investment property (20-15% down). I can't see how you would qualify if it's shown to be currently leased/occupied, nor would I want to endorse trying to buy it as OO without it actually being so.
Very interested in hearing if anyone has/had a creative solution?