You might think about the possibility of putting the property into an LLC or similar and just charging yourself FMV when you want to stay there if it's infrequent enough, and moving your personal storage to some other location or to a shed on the property or similar so that 100% of the house is available for rental use.

So here I am thinking I found a pretty good deal on a REO condo that I can rehab and sell under market without many issues.Turns out, after talking to my mortgage broker, that the property is not on Fannie Mae's list of warranted properties and therefor demands a 10-20% down payment with rates in the 6's for an ARM and 8's for a 30 Fixed.If its this much trouble to purchase the property for me, then I don't think its a great investment as far as trying to resell it.Can anyone shed some light on this for me?

The deal comes from a wholesaler, so it's a bit difficult to get information that could shed light on things. 

He & I both use the storage shed on my property & he mows the grass (usually - I do it occasionally).

If someone could shed some light on the process of this closing strategy, that would be great.

Can someone shed some light on the LOCAL side to this?  

.-2 car detached garage and also a shed in the backyard.Here is the basic financial info:-Rents received in 2017: $18225-Insurance in 2017: $901.49-Taxes in 2017: $3,200expenses outside of insurance & taxes are:-Management fees (8% gross monthly rent)-Repairs & Maintenance: o$838.42 in 2016o$2,045.97 in 2017-Mortgage interest expense-City rental license fee ($35/yr)

It def sheds light and it’s always great to hear the perspective of those who have been there.

Can anyone shed some light?

Maybe others on the forum can shed some light on this but it sounds like you may not have been given accurate information from the lender.