@Joe Chambers Being that its an investment, what you have is a non-warrantable condo.

You can apply a rule of thumb to get a quick idea of whether a property warrants further investigation.

What are the reps and warrants you're offering on this note?

@Cristobal Sanchez Being that it s a condo, you have to be care full about it being non-warrantable (high investor ratio).

If you rented for 2 and lived in it for 8 you would get 80% of the gain.Down the road, if the circumstances again warrant it you could do a reverse conversion and turn that property back into 1031 property so you could 1031 and take some boot out covered by the 121 exemption.  

But there is always circumstances that might warrant a hold period of less than (or more than) one year.

Anyone know of any lenders who have non-warrantable loan products being offered?

Turned out the police were watching them and served a search warrant in the early morning hours last weekend.

I would not buy a tenant occupied property without  getting them to sign a new lease, or getting them to sign an estoppel certificate saying they have no written lease, unless the deal was so good the risk was warranted.

I found that due to the vast amount of listings in any city, it's best to do a quick cashflow to see if property warrants additional consideration.