Many houses looked like the owners had left in the middle of the night—which was often the case.Daily my thoughts focused on how being broke as a music journalist was a hell of a lot more fun.

(i) the term "Insured" also includes(A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; (B) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization; (C) successors to an Insured by its conversion to another kind of Entity; (D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title(1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, (2) if the grantee wholly owns the named Insured, (3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly-owned by the same person or Entity, or(4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate planning purposes.

I would suggest that you consider places that a close and with easy access to the main attractions of the area: Midtown for live music, restaurants, the eclectic experience AND also if you can provide rentals to the many parents and families for Rhodes college and Christian Brothers College in Midtown.

Fannie Mae changed the rules for loans written after June 1, 2016:https://servicing-guide.fannie...You can transfer to a limited liability company (LLC), provided that"the mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence)"

Few thoughts:(1) Submit offers on more than 2-units - you can go up to 4 for a conventional and FHA - I have multiple clients that have done this (though you can ask your loan officer for specific qualifications)(2) For mortgages - you only usually need to occupy for one year and then can switch to a rental and then use that income for your next mortgage "Borrower must occupy, establish, and use the Property as Borrower’s principal residence within 60 days after the execution of this Security Instrument and must continue to occupy the Property as Borrower’s principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent will not be unreasonably withheld, or unless extenuating circumstances exist that are beyond Borrower’s control."

Your doing the right thing by seeking how to protect them, but there is more to making a risk mitigated loan than just having a Note and a recorded security instrument (Mortgage "MTG" or a Deed of Trust "DOT"). 

Lots of people visit for conventions, sports, music, and various get togethers (more so post covid but still maintained pretty solid presence during 2020 all things considered).

When the music stopped and everyone ran, some investors were left with multiple properties they couldn't sell. 

This was popular back in the really boom days and people made 30-40k on deals this……until the music stopped and they got left holding the bag on 3-4 houses and lost their deposit.  

A fractional mortgage is simply the debt instrument that enables an individual owner to aquire one of these segments of ownership.