Hey Brody,If you plan to purchase a duplex, I'd consider buying it as owner occupied and rent at other unit.

Hey Santosh,As of right now you're extremely exposed regarding insurance and I'm going to assume legally as well.If the home isn't registered as a legal multi-family with the town that's something you'll have to correct ASAP and make sure the home is up to code.Insurance wise as soon as they find out what you're doing they'll cancel you as the risk has changed from a single family owner occupied home to a multi family owner occupied home.

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... 

Also would need to know if the property would be owner occupied or an investment property. 

I know federally backed loans are required to give 30 days notice but I believe that because it is a triplex and the other two units aren't owner occupied it allows me to do a 3 day notice. 

One major things to consider that many newer investors miss with 5+ units, is that if you intend to hold, the property will need to be at least 75% occupied and stabilized before you will be able to find reasonable financing terms. 

I'm wondering if that might be less of an issue for something more rustic and temporarily occupied like camping/RV.Any one have any thoughts, parallel experiences, or other basis for insight? 

Im back on bigger pockets after a long hiatus; trying to start up a STR from a owner occupied 2 family home with intent to advertise on furnished finder. 

it will be a corporate/wellness retreat/short term rental destinationI need land that is close to the Action, but not too close, and preferably comes with two single family doors already built, so I can take advantage of Fannie Mae owner occupied loan and develop the rest of the land on my own and with private funding.Is Columbus a good market for this strategy?

We also need to add in escrowed taxes and insurance to the new terms, as previously the buyers were responsible for paying them, but we’ve recently had to take that over.Context:Subject property is a mobile home on land in the state of FL that is owner occupied by the family who purchased it from our LLC.