I would still be a customer today except for the Florida Texting Law.

After 12 months, you've met the occupancy requirement on your deed of trust, and you can convert the property to a rental property after that.There's nothing in the Fannie Mae/Freddie Mac guidelines that says you can't rent out a 2nd home when you're not occupying it, and you could rent it out as a short-term rental or long-term rental when not in use (double check the local laws regarding short-term rentals). 

A few things to consider as an out-of-state investor are having a reliable local team or friends who could check in on the property and understanding the local rental laws.

I realize that, if true,  this is governed by state law rather than federal statutes, and therefore there will be fifty different answers. 

You could also draft your own based on the law, see RCW 59.18.365. 

Duplexes can be a fantastic way to generate cash flow-just watch zoning laws, hire reliable contractors, and stay updated on rental trends.

My sister in law is publishing books for children telling illustrated stories based in Hawaii.

I looked at Law Depot online but that template won't work for us as it requires an interest rate to be input.

However, structuring this in a way that complies with tax law would likely require expert legal and tax guidance, as it involves partnership agreements and IRS regulations.

@Melanie P.There are companies out there like buttonwood, factright and mick law who do due diligence reports already.