And at the same time DRAW UP AN ADDENDUM to the lease stipulating future maintenance!

Lender stipulates that I live in the place for 1 year minimum.I plan to live in the 3/1 for a while, take care of any maintenance items and make some cosmetic updates, and eventually rent it out.

Keep in mind that if you get loans that are meant for primary residences, there could be stipulations about how long you live there to keep the loan.If you move forward with low income landlording, you may want to check out my BP podcast episode and my weekly BP member blog.I think if you are comfortable living there and are willing to put in the emotional and physical work to keep things on track, you can be successful.

What are the stipulations for commercial equity note?

Hey Joe,  The more conservative the lender the more likely they are to stipulate these items-I'd guess this is a bank loan.  

@Trevor Carlson - Yeah, if you are using traditional financing (FHA, Conventional, VA) and are applying for the loan as a primary residence (not an investment property) one of the stipulations of most all lenders is that you take occupancy within 60 days.

What are the stipulations for commercial equity note?

There are some stipulations, but worth a look.

@James M Fario make sure to include a stipulation in the offer asking for the rent ledger and lease to be provided during due diligence.

The last amendment to the bill was a stipulation that no change be allowed to 1031.