The VA and Fha loans have been able to do it but their strict appraisal guidelines make it tough to buy the often older homes in my market in Virginia Beach / Norfolk Area. 

what type of loan you looking for?

These are done between the buyer (you) and Seller.The situation that is most common to find these properties are in a foreclosure proceeding, or pre-foreclosure. 

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.

The lender did everything wrong in this situation and now are paying for it.Now they are trying to sell the loan at a slight discount (oh did I say its a 0% interest loan and they jacked up the UPB of the loan instead of adding interest) - again another rookie mistake. 

Considering a rate buydown on a DSCR loan?

There are some HOA's that are in such bad shape they wont allow any type of loans and it must be a cash purchase.

@Cathy Ries Yes, tax planning before acquiring rental properties is highly beneficial, especially given your situation.

HUD.GOV is originating source for FHA loan info.

I've received apps in the past where this was the exact situation only for the borrower to not qualify and be stuck.