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.

Clarify your strategy—whether it's rentals, flips, or house hacking—and build a team of agents, lenders, and contractors.

@Drago Stanimirovic we actually do have a fund.

Purchased his “books and tapes” and attended 2 of his workshops.  

Those make sense and cash flow well.

Staying on the same page and building trust.

I would suggest getting Dave Ramsey's book called The Total Money Makeover and read that.

Funny you mention the whole GP / LP thing - I spoke to someone recently who claimed to have raised $10M+ for a fund and owned over 100 units.

Quote from @LaShon Evans: I manage 400 rentals and own 33.

It's the best way for us to grow as companies by sharing what works and what doesn't.