The property had a vacancy stipulation on the policy that allows for the property to be vacant. 5 units were vacant, the last family had not moved out at the time of the fire.

There are some stipulations on how you plan to use the land, the toughest requirement for us was the cap on your income.3) Traditional Loan - typical bank financing, but they usually require a minimum of 30% down4) Construction Loans - there are loans designed specifically to buy land and also finance the build of your house / farm / etc...

Hey @Alexis King - you can finance an STR with a conventional loan or a second home loan (if you agree to the stipulations in the second home rider) as long as your finances can carry the debt.  

I’ve never worked with a 203k loan so not too sure on any stipulations with those.  

Doing our first seller-financed house purchase (rental property) and the note (mortgage and security agreement) is very detailed and long, with all kinds of insurance stipulations and mortgagee rights of inspection.  

You could agree on a lot rice with a stipulation on about bank financing to reduce it further.

With that stipulation, I feel like it is overreaching to also offer a lower purchase.

I’d like to use the va loan but unless anyone knows a workaround the immediate residency stipulation I don’t think that’s an option.

I'll dig into the trust agreement and see what the stipulations are.Thanks for the great feedback!!

NoahThe date of possession is always stipulated in a purchase agreement.