To be honest no one we showed the house to seemed to care. wow 8k for a waterline.. 

HI Guenevere, You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

We've gotten great residents who we met despite their original search on FF being way below market.

It's a false circumventive solution, honestly. 

Do I have to be a resident in the state im buying in? 

I've been in this situation a billion times- honestly, the answer is very simple.

To receive the 4% ratio, you have to submit an application showing the property is your primary residence.

Investment Info:Single-family residence buy & hold investment.

I'm excited for the opportunity to be apart of the community with BP, I reside in the state of Virginia and started my investment journey many years ago at 22 doing fix and flips, I stopped when the market crashed in 2007/2008 and didn't like the way the market looked and I left the investing world, I became a mortgage loan officer, and then processor and later underwriter and learned the backend of the conventional lending world.

If the duplex sells for $500K and you exchange into a duplex in LA for $1 mil then you could use 50% of it as your primary residence.- Do I qualify for for a section 121 exclusion sense I lived on the property for the first 2 years of ownership?