They dont want anybody other than condo owner to occupy the property.

Both occupied and cash flowing. 

So he did a non allowable assumption to get around non owner occupied rules and it bit him in the ***.Karma....

My girlfriend and I occupy one of the bedrooms in the home. 

Hey guys I have been in the market for 2 years now across US/Japan.

i mowed the lawn myself.and if you think about owning a rental long term - ideally it will always be occupied. 

FHA loans include oneproperty per FHA loan, owner occupied for at least 1 year, and can apply for new FHA loan in 2years.

Shoot me a DM and I'm happy to chat.Chris Also, Portland (in the city) has restricted STR licenses to owner-occupied properties, so that won't work if you're living in Salem.Wow good to know, thanks Chris! 

If they are on different tax parcels, I will use DSCR for the non-primary deals and then FHA or UDSA (assuming it is rural) for the owner-occupied one. 

A 1031 exchange is NOT available for owner occupied property so that’s the bad news.The good news is for owner occupied primary residences, for married couples, the first $500,000 of pain is tax free.No need to worry about a 1031, live in the house, sell it, use the $500,000 exclusion and you pay KP tax on whatever profit may exist,2.