Maintaining first time homebuyer status

[Nick Luongo]

Thanks in advance for any help on this topic

I am in the process of purchasing a condo in Massachusetts using a first time homebuyer loan program (not FHA or Mass housing). It should close sometime in late February '13.

However, over the past couple of months I've been marketing to sellers in efforts to purchase their homes using owner financing. I now have a seller that is interested, and if we move forward we would close and transfer the deed to my name prior to the closing of the condo purchase.

Obviously, I don't want to botch up the first time homebuyer program I have in process. Will this owner financing deal cause an issue and how do I get around this? Would starting an llc be sufficient or must I create a realty trust? Any ideas are appreciated