I intend to relocate to the Rapid City, SD region in April/May for work, and I plan to acquire a primary residence that could eventually be transformed into an investment property.

IRA funds can be used to make investments only; they can't be used to buy a residence.

This would make it into two, two bedroom units with the intent of making them long term rentals.I'm guilty of having a lot of projects going at once so my focus right now is bringing the cottage to a point to refinance out of the private money and either make it our primary residence for a year for the financing perks or to go straight into a short term rental.With the four bedroom house I'm trying to decide if it's worth splitting into two units or if I should keep it a four bedroom rental.The cottage I'm also tempted to do mid term with to lower the turnover and maintenance but open to suggestions.The third property I'll probably just let the current renters pay the mortgage for the time being if I'm able to acquire it anytime soon.

If applicants can't qualify on their own, I don't rent to them.

Good evening,Active duty military here and resident of south eastern NC (Wilmington area).

Investment Info:Single-family residence buy & hold investment.

Qualifying for REPS then hinges on two questions:1.

Hi Michael, As others have stated you do not need an LLC to qualify for a residential mortgage.

In non-commercial residence (<5 units), the vacancy is large impact to cash flow s as nd it typically is worth having rent not at the top of market.  

What I will do is attempt to find a QUALIFIED substitute tenant, credit the original tenant with the rent paid by the new tenant LESS one or two months fee for the extra work and effort, but I will NOT release the original tenant from liability should the substitute tenant default.Look, the bottom line is that renting to tenants is a business, just like any other business.