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Updated almost 5 years ago,
Rent out rooms of owner-occupied unit while still living there
Hi everyone,
I bought a 4-plex recently and I want to move into one of the units during the next few weeks. I bought it with an owner-occupied FHA loan, therefore, I need to live there for at least one year. It is a 3 bedroom/ 2.5 Bath townhouse and it is absolutely more than what my wife and I need.
Does anyone know, if I can rent out one or two extra rooms that we don't need during the first year?
Is there any legal obligation to be the only resident of the unit?