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Updated over 3 years ago,

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Mike Groome
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Owner occupant multi-family investment

Mike Groome
Posted

I am curious to know if the owner occupancy requirement for living in a building for 1 year applies specifically to a unit or to the property as a whole?  I am looking to purchase a 4 unit apartment building and live in it while I rehab each unit.  I was planning to keep 3 units rented until I finish the first and then swap to another unit.  Would I legally need to stay at the initial unit for 1 year or by me staying in the building for which the mortgage is issued satisfy the owner/occupant requirement?