I'd sell or LO this. 

., they are NOT the same person.It's best (easier and safer) when you sell on a LO to actually have two different people:1 - The lease is a regular tenant. 

The most likely situation is that you would be fine doing all of this, because you would not get caught, but it is probably worth a "hypothetical/ my friend has ED" style conversation with your LO to see how much risk you are taking on.

Hope this helps, This is definitely something doable by any lender, most LO's dont deal with investors though so they dont nderstand the Ins and outs of the guidelines as they relate to investors.

Recently we met up with a LO who pre-pre-approved us for a loan.

Our loan ended up falling through and the sellers agent sent me a contact for a lady who works at a bank who is good at “rescuing loans” I called that lady and I also called Amerisave where a close friend is a LO.

That's most definitely NOT a Lease Option.A LO has no DP, and doesn't charge interest.

Thanks for posting and introducing yourself :)I am an LO for Greenly Mortgage, LLC and we have two specialties: same day pre-approvals AND 14 day closings.

Quote from @Jerry Lo: My wife and I are grooming our single home for rent.

And frankly, I would bet that 95% of all loan officers don't even know about this FHA guideline either, especially the call center LO's that were working at Best Buy 6 months ago, and they will be back there soon the way rates are going up.So unless you make enough money to carry the expense of BOTH properties and other liabilities, with only your military income and the rental income from the other units of the 2nd property you are purchasing, then procedurally you should do it in this order.