Live in it for two years as your primary residence and sell it tax free. 

Hello BP friends, I purchased my primary residence a couple years ago and it is on a double lot.

If instead it is currently rented, I would manage it very carefully and pray to God the current residents move out voluntarily and hope they never look back.

The biggest thing I'm seeing actually isn't his residency status, but I think you'll have the biggest issue with the value of the properties you are looking at.

And when you sell it if you meet the primary residence requirements the profit is tax free.It is possible in many instances to own successful rental real estate that generates real dollars in your pocket but operates at a loss for tax purposes. 

Below is a graph of the median list price since 2019.Contrast that to a market like Detroit where the median list price has doubled since 2019.I'm a licensed agent in Michigan, but I reside in California.

Is there any requirement that I notify the lender that the property will no longer be my primary residence?

Yes I am in the Northside and unfortunately don't reside in a ADU zoning area.

One property is the residence of the owner. 

I will be taking out a mortgage, but I won’t be putting 20% down and declaring it an income property, however, it will still be my primary residence.