I manage the property and the tenants, pay the owner of the property a rent that meets their mortgage plus a little profit, charge fair market rent from the tenants I sublet to, and exercise an option to buy the property after a predefined term and at a predefined price.This way tired landlords don't have to manage their property anymore, and I start investing with little to no money.

However if the owner does not redeem you'd better be sure the property is worth your bid and expenses. 

For example, a post may say:We have a deal in dallas texas, a complex apartment - 400 units Class A. huge cash flow.In the above example, we are not claiming we are the owner of the prop, we are not claiming to have a equitable interest in the deal.

Do I think the fire dept could have communicated more clearly upfront, maybe, but they did mail out to all registered owners the standards. 

Something to keep in mind is the lending options change when in LLC, so leverage owner occupied loans for Refi/HElOC etc go away once you move out.  

You'd be surprised at what you might get - especially now with rents being down and some of these long term owners having grabbed a ton of equity over the last 10 years or so.   

Often the owner provided the wrong account or routing info.

And they are not beholding to owner occ disclosures they can do whatever they want .. you either accept or dont close.He's taking a commercial rental loan made to his LLC.

Shoot me a DM and I'm happy to chat.Chris Also, Portland (in the city) has restricted STR licenses to owner-occupied properties, so that won't work if you're living in Salem.Wow good to know, thanks Chris! 

From an owner perspective, that does not want to deal with an STR it may be good.