Nothing illegal about doing that, but if caught, the lender may call the loan due and if you don't correct the situation or pay the loan off, they willstart mortgage foreclosure.3) You could also go the HELOC route to tap the equity in the home, but the 12-month owner-occupancy will also apply AND the interest rate on the HELOC will fluctuate with the Fed Fund Rate.4) You could do a cashout refi as an investment property, but that will be at an interest rate 0.5-1% higher than owner-occupied rate.Suggest you meet with 2-3 lenders to explore your options about the above.Once you have access to funds, recommend you buy a 2-4 unit with 20-25% down. - You can buy owner-occupied, live in one unit, and fix up and rent the other unit(s).- If you're handy, recommend buying a property in the worst condition you can tolerate.

When I establish LLCs I always ask my clients to have a meeting with a CPA from the start, even if they are going to file their taxes on their own. 

You can also check meetup.com or search Facebook for real estate investment groups, clubs, or meetings in your area.Here is my generic beginner advice.1.

Nice to meet all of you and looking forward to expanding our skillsets collectively!

I know this is an old thread.I'd like to get a more recent opinion of these apps.I think the DFD options is very interesting.What we want to do is endorse one of these for our Real Estate Club in Greenville, SC and have a contest for our members to see who can find the most deals with the software.Maybe try and get a rep from the company we choose to come and speak at one of our in person meeting and also negotiate a longer trial window if possible for our members.

Hey Jonathan, Best way to learn is to go to every meet up you can and ask a tons of questions and listen to the stories of experiences investors to figure out which route you want to take in your journey.

It is an investment property, and does not meet the qualifications of being her/their primary. 

If they don't meet your standards don't rent to them.

If yu claim one it doesn't void the option to claim the other one.Provided you meet the IRS requirements for both, as a tax strategy, you could complete exclude a portion of capital gains under Section 121 and then defer the remaining capital gains under Section 1031 (@Dave Foster is a great resource for 1031 exchange). ..

, let’s meet up and chat!