Hi @Dave Tab yes for the low money down loans as far as I know you need to be able to show you are occupying the property.   

The tenant who occupies the property pays the rent.

Well, I actually successfully got a handful of properties under contract but was unable to find a tenant to occupy the property.

The tenant who occupies the property pays the rent.

Or else reduce enough on price to deal with an eviction from an illegal unit.I don't know Chicago laws, but in NYC if you have an illegal unit, the tenant occupying it seems to have more rights than the owner does and doesn't have to pay rent... 

If you don't plan on paying cash and have to leverage with an owner-occupied loan product then you should set up your LLC as a property management company because you will not be able to borrow in the name of the LLC.  

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

The triplex we bought was fully occupied so we did 1 unit at a time as they moved out.0 Vote  That's great - Are you going to continue with cosmetic rehabs or dive into something that needs a little mjore TLC?

its very easy.. tehre are 35 states that do NOT require any license to do NON owner occupied loans.. very simple  talk to local attorney have them prep your note and mortgage and your good to go.. should not cost more that 1k or so for the docs..

Single-FamilyThe supposed advantage of multi-family properties is that income from occupied units can mitigate vacant units.