I see that there is a 5 day grace period enforced by the Virginia Residential Landlord Tenant Act as well.

Six months reserves should be more than sufficient to qualify and conservative to account for any (eventual) unforeseen circumstances. 

There's nothing preventing the former owner from qualifying as the prospective owner-occupant as long as they meet the strict guidelines for being a prospective owner-occupant as set forth in Civil Code 2924m(a)(1). 

Hello, I just finished The Self-Managing Landlord by Grace and Amelia.

This change is for ALL borrowers, regardless of income, who can qualify for Fannie Mae lending on a primary home.

The appraiser will also list comps and rents being paid based on similar homes.I will not speak for all Banks and lenders but when we approve for FHA we allow a 90 day grace period for the new owner to occupy a unit.

While you should take the first well-qualified applicant, you also need to keep in mind that you'll be making construction noise, so for example, your prospective tenant needs to know that in case they work nights.

Connect with a lender to see what you qualify for and how you can improve that situation7.

She was somewhat cold towards everyone be it they qualified for financing or not.

Quote from @Ariana Grace: Would love to have some mutuals that are passionate about RE as much as me!