Also, you can always cash-out refi your personal residence regardless of how many other mortgages you have.

I recently offered on a Freddie Mac foreclosure for my personal residence using the 203k streamline financing.

When you get your loan for your purchase you will designate your property as a primary residence, there will be language in that mortgage/deed of trust which will typically stipulate that designation and there are guidelines which allow you to move out and rent the property in the future without having to refinance.

It's my understanding that we will need to file a partnership return and he'll also need to file a 1040-NR that will require quarterly filings on his RE earnings since he is a non-resident alien filer.

The property is my personal primary residence.

Thank you everyone...I am in an area with 1200 full time residents and literally 45+ agents.

As soon as this is complete I will refinance my personal residence to lower my payments and give me some cash.5.

I'm considering purchasing a new primary residence in the near future.

I do have a very good friend that is been at camp keen to buy a HUD property to use as his own personal residence.

Many residents will promise to sleep no one in the basement (bed)room, but you're in a bad spot when you go there to fix something and find a bed.