All Forum Posts by: Rachel Kokosenski

Trying to close a deal on a rental condo in a complex that has too many investment properties to do conventional financing. Our lender is saying we can get financing if we designate this as a "second home", for financing purposes. However, we will never live in the property and plan to always use it as a rental property. Will financing it as a second home prevent us from being able to get all the tax advantages of investment property? The lender is saying that the IRS pays attention to the *use* of the property, not the loan on the property.... Can anyone clarify this for us? Thanks!

Thank you for the feedback. I guess it is good for the tenants so they don't get stuck in a dangerous home. Sounds like just another hoop to jump through for us! 

I've been looking at multi-family properties in Michigan. I noticed that many of the property descriptions mention a "city rent certification" or something to that effect. Can someone please clarify what this means? (I live in California and have not heard of this practice.) Thanks!