I don't think they verified that the tenant was planning on leaving either.

If you plan to live there in the winters, you might have a hard time doing long term rental outside of that and finding a new tenant every summer.

@Leeling Chew we require anyone over the age of 18 to fill out an application for the property even if they plan to just be an occupant. 

While it will likely give you more confidence and answer a lot of questions, I would say that talking to a seasoned investor, or even agent that works with investors, is a way better idea than spending 8K on something that you don't know too much about, especially before your first deal is done.

My plan would be to use the equity loan from the second home to purchase another great deal (3rd home) and use the rental income from the second home to pay towards the equity loan and then start renting out the third home to get rental income and start paying off the mortgage on the 3rd home.

Many voucher holders also work and so sometimes they will have a higher amount to spend than someone who doesn’t work because they can pay up to a % of their net income from the HA’s calculations, often 30-40%.

It sounds a lot like timeshares or partial ownership plans room the 1990’s and 2000’s.

Just notify your lender of what you are planning on doing ahead of time.

Would love to hear what you’re focused on or planning!

Spend 2026 stabilizing it as I want something with meat on the bone.