Their is risk and like many who posted to me personally my personal homes are off limits to investment debt.

Is there a W-2 limit or is our CPA not knowledgeable on STR tax???

But you'd always want to talk to the city right away (or county) and find out the development standards for the zoning that the lot is in (what are the setbacks, height limit, min lot size, etc).

In some markets or some tenant bases they always like to push the limits. 

@Ben Oestrike   Since you've noted this would be a PA Sheriff Sale situation and with my limited experience and @Jay Hinrichs very extensive experience, we've both noted an experienced lender is very unlikely to provide funds for a purchase.   

But, if it's all you know, I guess that limits your perspective somewhat.

Most simply don't have it and or also have very limited sales and closings skills ..

sales commish  loan fees on new loans etc etc.. seems knee jerk to me.. but hey I am not finding those issues with Vegas LOW property taxs some of hte lowest in the country and unlike FLA and TX very low insurance because limited to know real issues with bad @$$ storms like those other states. 

Work with a broker who has access to a large variety is going to help you find an appropriate option for your situation vs a direct lender who can only sell you their limited product set. 

When you refinance a property as an owner occupied property, you are signing a new 12 month occupancy clause which means you need to live in the home as your primary residence for 12 months after you do the refi.Rates are on a downward trend and likely will continue to do so for the next 12 months so you may have time to refinance your loan in the next year or two into a fixed rate while you are still living in the property so if you planned on living in the home for 3 years, you could wait 2 years for rates to drop and then refi as owner occupied into a new 30 year fixed rate.Alternatively, you could get into a fixed rate now at at 5.875% on a 30 year fixed rate if you qualify for the "HomeReady" program (HomeReady is an income limited program that gives buyers a fantastic rate).