I have a window into the PRE REOs coming to me, and lately, that list is getting LONG.

@Charlotte WilsonAs long as you continue to occupy the property you purchase with an FHA loan and you're not applying for owner occupant financing on the other property, that shouldn't be a problem.

It might be just me... but I don't think long term rental might be the move here. 

Since they've lived there so long, I recommend giving them 60 days to move as a means of softening the blow.Third, don't negotiate or accept excuses.

Meeting the material participation hours is absolutely doable, even with a property manager, as long as you stay actively involved in key tasks like marketing, bookings, and bookkeeping.

How long did you have it listed for before you found the tenant?

I am bullish on Chicago long-term and will still own 10,000 doors on the southside with a goal of turning all 10,000 tenants into homeowners!

Long story short, the simplest way to look at this is to add a 0.5% or 0.55% to your FHA rate and then compare that to a Conventional option (note rate + PMI rate) priced with 1.75 discount points.

I've been going about as long as you have and things are starting to come together and happen for me here in Sacramento.

It’s quite appealing as a long term investment - even at today’s rates.