@Thomas Helm a cash out refi restarts the 12 month wait period.

I could pay very close to market, still cashflow, and give him a guaranteed no hassle income stream for as many years as he wants.

If it was a written lease, there should be required notice periods written in.

There is no guarantee that the building will turn market and should you want to evict a tenant, it can take up to a year under normal circumstances; with COVID, it looks closer to 1.5 years+.Unless you have really deep pockets, like Uncle Scrooge McDuck pockets, hard pass.

You will also need to have cash or credit reserves to start your rehab before you can request a reimbursement period.

If you get a 15 year loan, your interest maybe somewhat lower, but cash flow will be difficult and you might regret it later.Personally, I get the longest amortization period possible, and never regretted it.

It was a disaster for him and he showed his shining true colors by the way he dealt with investors through this difficult holding period.

There is also a look back period, generally 60 months, where proceeds from a home sale can be taken.

It's no guarantee but it's a good place to start.

If you rent your primary residence for period of less than 30 days, you must possess a zoning permit for limited lodging use.