They just want you to treat it as a personal for at least a year minus unforeseen circumstances :)

Or, bring in a money partner that can split the deal to cover the unforeseen?  

If he says a simple rehab is gonna be 40K, it's 40K even if there are unforeseen issues he encounters...assuming they are not 10K over budget :-)

@Ben Leybovich lol..Now @Brandon Turner isn't a newbie, I am sure he has more than ample reserves to cover any unforeseen expenses..I am just a small time investor learning from you guys here on BP..

Owner occupancy requirements are one year.With all notes, the occupancy requirement is waived when unforeseen events occur such as death, divorce, economic changes or things beyond the control of a borrower that cause a hardship.

Paying your dues to be successful is not a race to the finish line, it is more a road trip with unforeseen obstacles not yet obvious that you have to deal with properly.  

If some unforeseen situation or opportunity presents itself then do a Option to purchase and 1031 if the option is exercised. 

An investor can stay stateside and avoid most of these issues while capturing similar returns in carefully selected growth markets.My examoles: Brazil, currency crashed 40%, totally unforeseen w World Cup and Olympics coming its way.

And honestly it depends, pending anything unforeseen 7-9 months 

The best way to hedge against unforeseen HOA, Property Tax and Insurance hikes vs rent increases is to lock in the lowest rate and payment possible for three decades and pay off earlier if you feel you can.You definitely don't want to waste your own dollars on a liability like a personal residence.