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Updated over 7 years ago,
first property question
Okay BP so i'm looking to get into my first deal and i'm looking at two different options.
option 1: Buy one of my mom's rental properties from her with seller financing.
option 2: Use an FHA first time homebuyers loan to by a duplex, triplex, or fourplex.
My main question is if I use seller financing through my mom and attain my first property that way would I still be eligible for the FHA first time homebuyers loan since I technically won't be living in the seller financed SFH rental property?
the reason I want to do it this way is because I still don't really have any credit and I think the best way to learn would be through buying one of my mom's cash flowing property's and learning the day to day tasks with owning an investment property and dealing with tenants.