@Tom Mitchell , To clear your question, generally, when you say convert second home, you mean changing its status form vacation home to full rental designation because "vacation home" rules limit your deduction on the operational expense and depreciation deduction up to your rental income. 

 @Tyler Faison @Mary Mitchell  @Bruce Lynn  @Kyle J.Thank you all for your suggestions, this is elderly  couple I feel I can trust, I liked the idea of not touching the security deposit so I took your advice on that, however I just agreed to half a month rent and balance paid in next three months

@Andrew Mitchell the last point is relevant if you are attempting to do a cash out refinance with less than 6 months of ownership.  

Mitchell

@Mitchell Jaworski Charlotte county has some great potential with all the things going on right now.

Originally posted by @Adam Mitchell:@Clayton W McGeheeYour plan is great for you.

Originally posted by @Mitchel Gendelman:Hi BiggerPockets community, Does anyone have any experience with using an FHA First Time Buyer Loan to fund a multi-family property (up to 4 units), and leveraging private funding (not hard money) from a friend or relative to finance the rehab? 

Like @Mitchell Irwin I will be graduating this May and moving out to Phoenix for a full-time position.

Quote from @Mitchell Roadruck: In my experience you will limit the number of potential buyers by selling a property with tenants placed.That being said, homes are sold every day with tenants placed in them.

@Robert Mitchell all receipts saved and cataloged?