You've heard that you have to occupy a home that you purchase with a personal loan at 5% down for one year so you can't rent it, and you're applying that to a multifamily or roommate situation with the same property.The reality is, you can rent your property immediately as long as you occupy it.

A former roommate?

There is also some room for forced appreciation through kitchen and bathroom remodels.Cons/lessons learned: It is a 3 bed 2 bath but the third is not very suitable for a third roommate (quite small ~ 80 sq ft).

@Nitit, If you plan to live in one of the rooms, I would analyze the deal to take into account the difference in what you are paying for rent currently, vs the portion of the mortgage you would be paying if you lived in the house with roommates.

So basically I plan on purchasing a single family property, living in it for about a year while rehabing it (hopefully having roommates while doing so to cover the mortgage).

I have carriers whom would not have a maximum number of roommate as long as the owner of the property is also occupying the property full time.

We also share the rent with two roommates who are friends from military service.

I want to purchase a rental property to fix up that my roommates and I could live in next year.

I would receive rent from a roommate and would rent out the other unit(s).I plan on moving out in a year or two and fully renting out the multi-family, just to move into another one.

@Dillon Dale yes that’s perfect I was originally planning on getting to the point where the payments being made to the seller would be 2000-2500 a month and then renting out the rooms and having a roommate I would be able to make a small profit, if not just love for free and eventually own the house and rent it out myself.