I would still be a customer today except for the Florida Texting Law.

After 12 months, you've met the occupancy requirement on your deed of trust, and you can convert the property to a rental property after that.There's nothing in the Fannie Mae/Freddie Mac guidelines that says you can't rent out a 2nd home when you're not occupying it, and you could rent it out as a short-term rental or long-term rental when not in use (double check the local laws regarding short-term rentals). 

You could also draft your own based on the law, see RCW 59.18.365. 

A few things to consider as an out-of-state investor are having a reliable local team or friends who could check in on the property and understanding the local rental laws.

My sister in law is publishing books for children telling illustrated stories based in Hawaii.

I looked at Law Depot online but that template won't work for us as it requires an interest rate to be input.

Duplexes can be a fantastic way to generate cash flow-just watch zoning laws, hire reliable contractors, and stay updated on rental trends.

@Kristjan MeitzFor out-of-state properties, a property management company is recommended for tenant relations, repairs, rent collection, and compliance with local landlord laws.

However, structuring this in a way that complies with tax law would likely require expert legal and tax guidance, as it involves partnership agreements and IRS regulations.

@Melanie P.There are companies out there like buttonwood, factright and mick law who do due diligence reports already.