The inspector signed off on it when we got the remaining work done.

Remaining Mortgage: 599K.Property B: 12mo Rental: Bought at 210K.

We have a legal team who alerts us to changes and makes sure we remain compliant.Definitely educate yourself.  

Thanks for any help’ Yes we're licensed there and FHA guides in one state apply to all states unless a state has a specific law that supercedes the FHA lending guideline.FHA is always 3.5% down minimum (in some cases less because you're using a DPA or down payment assistance program or 2nd lender to put down over all a lower down payment than 3.5%, Aka for instance 3.5% DPA + 96.5% FHA = 100% financing but just dont kid yourself this is fully 100% leverage and to be used with caution and carefully).In the case of 2-4 unit FHA is still 3.5% down payment @Matthew Kwan @Carlos ValenciaThere are rules regarding FHA such as:- primary residence - you must occupy one of the 2-4 unit property as your primary over 50% of the year and the underwriter needs to believe you will remain and have the ability to live in there, any deviation from this and you'll get a whole laundry list of conditions asking you to prove why you should be believed to be living or will live there (if this arises dont be surprised, it just means the UW doesnt believe you).- SS rule - self sufficiency rule - gross rents of all potential units 2-4  X gross rents at 75% needs to meet 1:1 or 100% of the monthly PITIA payment or greater.

I will create 6 residential lots that I will be able to sell off and then, ideally, own the remaining property free and clear or close to.

If you provide more details on the home value, existing mortgage remaining and what the interest rate and payment are you may get some better advice.Is your dad willing to take that $100k of equity over time instead of all up front?

I sent an email and he acknowledged that the listing has been removed from MLS and that the listing agreement has been terminated…Looking at the listing agreement contract, it states that the “contractual obligation shall remain in full effect unless terminated by mutual written consent by all parties”.Is there a specific form that needs to be filled out or is the email acknowledgment enough?

However, you could convert the rental property into your primary residence, live there for at least two years, and qualify for the Section 121 exclusion to avoid up to $250K (single) or $500K (married) in capital gains, though depreciation recapture remains taxable.

In the last year for Knox county specifically the median sale price is up 9.92% and the whole MLS is up 7.14% year over year.After beginning to recover in July and August, home sales throughout the East Tennessee region slowed up again in September which is somewhat expected as schools get back into swing.Mortgage rates remained below 7% for the entirety of September, for the fourth month in a row.

I will still be managing the property, as well as be an inheritor, so ideally my name should remain on the title.