The question I had was this: how long would I need to house hack the property (or in other words, have it as my Primary Residence) before I could turn it into a full time rental without risking the ire of the bank/loan holder if purchased with an FHA loan or a conventional loan?

After a year long battle, on July 30, 2018 Columbus city Council passed legislation that allows non-owner occupied permit holders to operate 365 days a year, and own and operate as many short term rentals as they want.

Found out she owed $50,000 on it to a private note holder.

The facts and challenges are-1) The house is listed for sale on the MLS and it’s “short sale listing approved by bank” leaves no deal. 2) The first lien holder, which is a FHA loan, is for foreclosing and the sale date is set for about 3 months from now. 3) The owner died and his estranged daughter now has the right to sell. 4) The estranged daughter has zero motivation to engage in the process. 5) The lender is owed about what the houses ARV might be after $75k in renovations and carrying costs. 6) I’ve been able to connect with the attorney handling the foreclosure in the interest of pursing buying the note who reports that since it is FHA they are unable to accept a short payoff.

As note holders we have done this on many occasions when we were in the process of taking back a property deed-in-lieu of.

Getting approval from the lien holders is tough enough, but if it's a regular bank they may not make it feasible to assign the contract.

I would simply approach the note holder and ask them if they like the monthly cash flow that's coming in and if they said yes, I'd offer them a lein on a different piece of property.

The $34k in installment loans would remain under me as I'm the mortgage holder of this house at a avg rate of 9%.

What is going to happen to the house’s condition while vacant (or will family rent out the house while life estate holder lives) and will the life estate holder be required to pay taxes?

Also-would you all reach out to the account holder themself (the child) in this instance or just let it be?