House hacking and senior housing

[Elena Merchand]

Ok, I don't think I've ever posted before.  But I've got a scenario that I really need suggestions or advice on.  

I sold my beautiful large McMansion (most people's dream home) after reading "Set for Life" 3 times.  My ultimate goal at 50 years old (some of us are slower than others) was to house hack my way into retirement (or something close to that).  I'm in the senior care industry - my job is helping older adults and people with disabilities find affordable housing, I have a long list of potential tenants.

I bought a single story home, about an hour from my old home, I rented 4 of the 5 rooms, I collected $32K in 6 months of rent. My business partner who bought the house with me also lives in the house 3 days a week, and she also is paying me back for the down payment.

The current tenants pay $3800 and the mortgage and cost are 2k a month, and I still live in the master bedroom and have 1 room available for rent.  I made the house ADA friendly and the tenants have someone come in daily to cook and clean - they are great housemates. 

I found a great opportunity in Arizona, it's a 10 bedroom house with a guest home, I can (if my offer is accepted) buy it for 100k under market.

MY PROBLEM:  The house in Arizona I would like to live in Sunday - Thursday, and my California house weekends or every other weekend. My lender originally said I could easily qualify as owner occupied in Arizona.  Here is the problem, the house is mixed use, for Senior Care, it's highly discounted because all of the residents/tenants are gone. 

I can with hard, focused work fill it up after rehab, I can put 30% down - my lender says he can't get a reasonable loan... 

If you have any advice please share it, I would greatly appreciate it.