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Updated over 5 years ago,
Condo as primary for 6 months, then AirBnB
So I plan on purchasing a condo as an STR, but will live in it as my primary residence while I plan other investments and prep the unit (decorate, furnish, light reno if necessary, find a cleaning crew, an on-call handyman etc). I do not own a primary - I rent in another city.
I figure it'd be about 3 months from closing to listing on AirBnB.
Let's say I didn't plan on the AirBnB and did the same exact thing. Is it just the very intent that could get me in trouble?
I'm guessing different bank have different rules as to how long someone is supposed to live in it before being allowed to rent it out. Or is there an industry standard?
Thanks!