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Updated over 5 years ago,
Rental property currently occupied, live in flip
Greetings all,
My offer has been accepted on a duplex that I plan to owner occupy but currently both sides are rented. 1. I asked my lender if one side needs to be vacant to owner occupy and they said no. I'm not sure if that's true but neither realtor or lender seems to be concerned. Will this be an issue for a VA loan?
2. Both sides are currently under contract. One side month-to-month and the other side lease ends in August. My question, how do I move one of the tenants out? Side A, long-term older tenant and keeps the property in great shape. Can I increase her rent slightly? Side B lease ends in August, as the new owner, can I simply decline to renew their lease? Do I need to give them a 30 day notice that, as the new owner, their lease will not be extended?
I'm really nervous because the seller's agent initially said side B was moving out but I found out they want to renew. Any help or advice you provide would be greatly appreciated