I’ve done year leases with verbal intention of longer leases(as one said above as long as no issues).  

What I am seeing around with occupancy is two facets, the legal IRS/fannie mae/freddie mac rules and also the intent.

Everything verbal was to get me to sign there hidden intentions contract and to as time went - purposely break the contract allowing me to believe I could pick the availably showing times when in the “contract” said home has to be available. 

Unless we have a signed lease by this date, we will accept that as your intention not to renew and vacate the unit by lease end, May 1.Sincerely,Mary Jay with her newly found ballsAnd stick to it.

The intent of this post was to try and identify where we’d get the most bang for our buck. 

If you purchase the junior lien with the intent to never pay the senior loan, I think it is very shady at the very least.

My Strategy:- Buy with primary goal of renting in the future- Live-in flip for the first 1-2 years to build equity and increase potential rental price Exit Options:- Refinance and rent the property, using equity and savings to buy again, move in, and repeat- Pull equity that built due to small renovations done over 1-2 years and purchase another property w/ intent to rent, staying in this first one- Sell/1031 (thanks to forced appreciation from reno)Will this work regardless of the asset being a townhome or SFH, or am I missing something? 

The house is paid off free and clear, but we have no intention of selling it; we want to keep it in the family and turn the lot into a vacation home, Airbnb, or even a rental.

It depends on the intention and actual facts, in other words it's case-by-case. 

To start the process they require: 1) letter of intent; 2) lien release proposal written with attorney or title agent; 3) survey with descriptions of before and after.