@Jack Lee your probably analyzing properties incorrectly.You’re probably thinking you have to offer asking price – not true!

You won't get cash flow while you live there, but you'll have a much larger selection to offer on, giving you higher chances of finding something that's actually a deal from an ROI standpoint. 

1099 C is an interesting question ask your accountant.. note holder asking to be paid off . this is just a negotiation.. you offer what you want to offer and they can accept or deny. 

I would address these issues people are having and even explore starting fresh with a new listing. 3) I would find something local to offer by partnering with a local business to give a discount for maybe something like jet ski rentals, restaurants, etc. 

Most users are making lease option, rent to own and some subject to offers.   

My understanding is that for a lender to offer PR financing I have to live in the unit within 60 days after closing (Not a problem), I have to live in the unit for the majority of the year (I would live there 8 months May-Nov), and the property needs to be near my place of work or a place I have multiple family members (This is the dead end for me).

You will need to find attractive deals to offer your partners.

Memphis has a pretty affordable housing market and tends to offer solid rental yields, which might align well with your goals.

From what I’ve heard, a lot of lenders are starting to offer similar options.If you need help navigating it, let me know.

To determine what to offer on a rental property:Determine reasonable market rent, NOT the highest!