House-hacking a SFR using a "second home" mortgage

[Pavel Bennett]

Hi folks,

I'm looking to acquire a property as a "second home" that is a SFR, but that can be divided into separate living units. I suppose this is similar to just renting out a room or two in a SFR, while still living there myself.

What I'm unsure about is these requirements I've seen mentioned, which apply to conforming second home mortgages:

* Must not be a rental property or a timeshare arrangement.

* Cannot be subject to any agreements that give a management firm control over the occupancy of the property.

My questions are:

1. As long as I'm living in one of the sections of the property and renting out the others, does that meet the requirement of not being a rental property? Note that the tenants may be renting for the entire year or longer.

2. How long are these restrictions in effect for? Is it 1 year? ... after which it's fine to rent the entire thing and even hire a property manager?

3. If the property is listed for sale with a tenant in one of the sections while all others are vacant, would I be required to remove the tenant prior to closing? What if the tenant has a lease that allows them to stay?

Thanks :)