Naturally that would incur lawyer fees.On principle I don't want to pay this guy off but as a business it might just be a smart thing to do as a cost of doing business. 

Dave's principles are great for getting your personal finances on track.  

If you get a loan as an owner occupant, you can't "convert it" later by paying toward principle.  

Kind of illustrative of the principle that you're better off buying quality properties that have the potential to appreciate.  

If you convert your home prior and decide to rent or live else where in the interim, then decide to use FHA to qualify for a new primary you can use the rental income with out restrictions of the 100 mile rule and still qualify for FHA.Their (FHA) guidelines are rigid, but with proper planning you can adhere to the guidelines and accomplish your objectives while avoiding the unintended consequences of the rules.Best practice would probably be to wait a few months after moving till utilizing your FHA loan to obtain another property.FHA does have a max of 7 financed properties including the FHA insured property (6 rentals + 1 FHA primary) so it looks like you're riding up to your max with the current of 6 financed properties.

@Alfred Clarke Jr The principle that is so critical here is that you communicate to the person what you can do for them not what they can do for you.   

Sounds like we have similar objectives.   

The lender will probably not object, since it will assume the seller has implemented an estate planning device.

I would like to suck up 5-7 years for large monthly payments to just payoff the principle and be done. 

Being that wholesaling is costing me more than it's making me... that would have been a viable option.Since I'm looking to make buy and hold my main objective, being a RE agent means tons of overhead.