Primary Conventional 15% down.

My long term tenant (a family friend) is moving out and I am concerned how to make sure I pre-screen future tenants effectively without violating any laws. background: this property used to be my primary home and had a very informal agreement with a family friend to rent from me in the mean time.

@Carl Trube You would have to live in it as your primary for at least a year if you assume the loan.

Usually a primary home is going to offer the best option to borrow against for higher LTV/CLTV, lower rate, and less fee's (No points).

Then a traditional rental once you move out, assuming you will rent the whole house.

If you live in the property for at least two years, you can sell it without paying ANY capital gains tax (unlike traditional flipping).We've done this a few times, but almost every time, we end up keeping the home as a rental.

You don't have to tweak much to take a traditional LTR lease and make it fit an MTR or month-to-month setup.

This is a common term used for someone whose primary role in the partnership is to secure the loan, commonly through their financial wherewithal of their net worth and liquid capital.

Most of the guys I know of that are really doing a lot of work outside of traditional routes are so busy they don't have time to come around here and toot their horns. 

Convert the Property to a Primary Residence: If you live in the property for at least two of the five years before selling, you may qualify for the primary residence exclusion, which allows you to exclude up to $250,000 of capital gains ($500,000 for married couples) from taxation.4.