Quote from @Zach Edelman: Are you planning to occupy the property as a 2nd home or as a true vacation home?

If you intend to occupy this as a primary residence you could "assume" the loan meaning you would personally need to qualify with the existing lender to take on the loan in your own personal name. 3.

Btw, this all applies to owner occupied SFR sellers; commercial or investment property falls under general commercial transaction regs 

The new Havana 1957 restaurant is almost ready to debut in the space formerly occupied by the Tropical Breeze Cafe.

I own a unique mobile home park in South Carolina that's relatively small (5 acres) comprised of 12 lots (I own 8 of the homes while the other 4 are owner-occupied and charged lot rent) along with a house (3 units). 

If your rental property is occupied, there are different rules that apply for selling to an investor versus selling to a buyer who intends to occupy the property.

Their previous lease includes a portion of storage in the basement with laundry access(also in basement).Current set up: tenant occupies floor #2 with separate access to the basement for their laundry and storage.Future plan: reno basement and remove storage/laundry access for tenant.

So he wants all the upside (fully occupied and cash flowing) without any of the work (rehab and lease-up).Like @Tyler Watts said, the math wont work.

If you're going to owner occupy and and want to benefit from some rental income then I'd go for it, but if you're looking for some combination of appreciation and cash flow there are better places to put your cash.

The tenant who occupies the property pays the rent.