Just so no one gets messed up, there is no statute of limitations per se on a mortgage until the contract expires.

SE Michigan

If you have any good MFR (3-unit+) in the Manchester area or SE CT, send me a PM.

Please please P L E A S E make sure to hash out who has what responsibilities and when. if you have to print out a cleaning schedule and have the tenants hash out who does what, do it.

I don't think there is any problem with your mortgage per se as long as when you took out the mortgage you intended it to be owner occupied.

Hence the entire profit is subject to SE tax.As an S-corp, you would typically need to pay yourself a salary, which is an employment expense.  

Just did this with my 6-units, as property per se is either Real ( land/hosing) or Personal (all that is not Real). 

Thanks to Will, J, Dave, Blane and Steven for all the information; a little clarification; The LLC is owned exclusively (100%) by the contractor, the investor is not a owner of the LLC, he simply provides the funds for the contractor to purchase the property and the contractor holds the properties in his LLC until he rehabs and sells them, so there is no partnership per se at all.

I filed 5 day notice followed by eviction as pro se (on my own) when the tenant did not pay February rent.

highly doubt it, but could happen. so as long as there is eagress, windows and a door to go out, i could see swinging it for a year for the FHA. but most likely not legal per se