Fannie Mae has a requirement that if you want to use the rental income from the non occupied units, that you MUST have a current housing expense which means you cannot live rent free.

That's why the personal connection with the verbal deal and personal reputation on the line matters for me in classifying as a PML situation.That is a very clear explanation of the difference between HML and PML.

Non-renew tenants,, give it early even if its 8 months out.. you could also do mutual lease termination if they aren't month to month.Basically you want them gone, so only and best way is this.

If this is for a residential 1-4 unit non owner occ / investment property I would compare a few different lenders.

If the costs for home buying goes up for first time home buyers then the results will probably be that less starter homes will be moving in the market unless non profits and the sort step up.

This allows you to access funds while keeping your existing mortgages intact.Second Mortgage: Explore lenders who offer second-position loans on investment properties, though rates will be higher.Cash-Out HELOC : While traditional banks often restrict HELOCs on non-owner-occupied properties, some portfolio or private lenders may offer HELOCs for investors.With $15-20K in liquid funds, look for deals where you can negotiate terms:Seller Financing: Negotiate lower down payments or interest-only periods.Subject-To Financing: Assume the seller’s existing mortgage while covering the down payment.Lease-to-Own: Lock in the purchase price while using rental income to build equity.

I currently am a resident here (so distance is non-factor) and I possess some handy skills that could save renovation costs (besides HVAC, structural issues, plumbing, electrical work).

Depending on why you are evicting the tenant, Illinois has 3 different notice periods: Five Day Notice of Eviction The Five Day notice is only used for non-payment of rent.

Non pay of prop tax's non pay of insurance  Waste, etc. 

Basically, what these guys did to some of our Real Wealth Network members allegedly is:- GEG showed RWN some of the properties they had renovated and leased out to prove their business model- They told our members via a webinar that they buy, renovate and sell rental properties below market value to investors with 8% cash flow- They said they offer non-recourse financing at 50% LTVIn reality, GEG sold properties that were not always renovated - even if the price point reflected a renovation.