Fortunately, the tenants that were occupying the unit I am moving into decided to move out before July 1.

I have 4 identical units of property where all the units need a little work to be on top. 3 units are occupied and 2 of them are paying way below market rent.

Can you rent, occupy, or utilize it in any manner?

These rules made it very challenging–-and frequently impossible–-for investors and others to operate non-owner occupied STR properties legally in Austin.

May I suggest buying a small multifamily (2-4 units) to occupy in TX.

@Colleen Weaver - I would assume you are referring to a 5% down owner occupied loan, e.g. a house hack of sorts.

For FHA, you typically have to occupy the home, at least initially.

Not all lenders can do that, but...for instance...I'm actually a District Manager with Build 2 Rent here in Florida and we have off-market investment properties (both occupied and vacant) that you can purchase with our in-house lenders and interest rates in the low 4's because of the incentives we currently have available. 

Perhaps emptying it so that it can attract an owner occupied buyer is a good alternative or hiring a PM company to off load some of the work there for you.

Here’s what you should know:You should purchase non owner occupied real estate in an LLC.