Separate question for the lenders out there: Could this qualify as a second home for FHA based on her occupying one unit?

That way you can see what you qualify for.

For curiosity I asked Co-Pilot about it and got this response:The language in your CC&Rs stating that “no business or bed and breakfast is allowed” can indeed impact the interpretation of short-term rentals, but it may not be as straightforward as it seems.Definition of Business: Courts have often ruled that short-term rentals (like those listed on platforms such as Airbnb) do not necessarily qualify as a “business” in the traditional sense.

2> Terms and best practices: What are some ways to better set myself up to qualify for long term debt service products?

I'm fairly confident from reading online we don't qualify for an exemption, but I'm trying to assess actual closing costs to trying and reduce them All details:Bought the house 2.5 years ago for $980K (left on mortgage $753K), we have a clause for an assumable mortgage for me to take over (I can keep same rate).

This is why you need to make sure you review your file prior to even getting the hard money loan because what if you do not even qualify for a conventional loan then you'll have problems and might not have a net benefit exit strategy.

I am adding content to my next add to explain that I offer the unit to qualified applicants based on the application time date/stamp.

In order to benefit from a 1031 exchange to defer my taxes will I need to convert my primary residence into a rental property and if I do, what's the minimum amount of time that I need in order to hold it as a rental to make sure it qualifies for a 1031 exchange?

This is a perfect time to get your qualified intermediary involved if you don't already have one.

If in Texas, a lease purchase option longer than 180 days without consent from the lender to receive payment from the tenant/buyer is not possible.Also, you can assume the obligations of a VA loan -- it is a non-qualified assumption - meaning the lender is not qualifying or approving of the assumption.