Nothing illegal about doing that, but if caught, the lender may call the loan due and if you don't correct the situation or pay the loan off, they willstart mortgage foreclosure.3) You could also go the HELOC route to tap the equity in the home, but the 12-month owner-occupancy will also apply AND the interest rate on the HELOC will fluctuate with the Fed Fund Rate.4) You could do a cashout refi as an investment property, but that will be at an interest rate 0.5-1% higher than owner-occupied rate.Suggest you meet with 2-3 lenders to explore your options about the above.Once you have access to funds, recommend you buy a 2-4 unit with 20-25% down. - You can buy owner-occupied, live in one unit, and fix up and rent the other unit(s).- If you're handy, recommend buying a property in the worst condition you can tolerate.

Glad I didn't follow the guideline that book quoted above. 

One last thing – we recommended you create a Status column on your spreadsheet, now we’ll explain why.

If you are looking for more appreciation and can afford to cover a few hundred dollars a month of negative cash flow then I'd recommend looking at Gilbert.

Investing in Wisconsin and Illinois is a great move—both states offer solid opportunities for multifamily and single-family rentals.If you’re looking to connect with like-minded investors or agents, I’d recommend joining local real estate meetups or REIA groups in the areas you’re targeting.

I recommend finding someone you trust that can mentor you and help you push through your mental & environmental resistance. 

I would recommend having the property assessed for any damages—were the windows or doors damaged during the forced entry? 

I would recommend consulting with a tax professional to gather more details to confirm this based on your situation.

If you are flipping $2M homes, providing repeat business for an agent in the $2M price point, then I'd recommend building a relationship with a great local agent and negotiating a mutually beneficial arrangement.

I'd recommend starting with the lower hanging fruit than a large basement reno - if your comps are close but don't quite get you to your number.Finishing the basement (with proper egress) could push you over the top, but confirm with an appraiser first to ensure it counts.