I had specifically asked for numbers including mortgage payments and they emailed to me.

I'm not familiar enough with RDU to give you specific areas or submarkets. 

Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.

As for the decision, it's really tough for any of us to say without knowing your goals, your situation and the numbers on this particular house.

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.

Best regards, This approach is neutral and objective, focusing strictly on the criteria, and avoids discussing any specifics about the applicant’s personal situation.

We have a PMA, but it doesn't  seem to address these things in a way that is specific enough to where they're violating the agreement. 

Not sure of specifics.

Quote from @Joshua Janus: Cleveland, Ohio is a great market to focus on for cash flow and specific pockets have gone up 2x and upwards of 4x in the last 5-10 years even!

i think its very property and location specific.