The only problem is though that I might not be for another 2 years or so before I can pull this money out of the rental to apply toward another investment and interest rates might be a good bit higher then?

Thank you everyone for the input, I spoke with my banker and the loan I am applying for is not a first time home buyers, it is a loan anyone can apply for.

If the taxpayer argues the short statute, your response would be that you have been in possession for three years, so the short statute does not apply as a bar.

The fee does not apply to duplexes (in Minneapolis). 

Unfortunately, to become a broker in Massachusetts, you need to work for a licensed broker for 3 years to then apply for your broker license.   

Apply the loft concept to offices, sleeping areas, libraries, and lounging nooks.3.

also some of the laws wont apply to owners with 4 ot less units.. but do bone up on the rules.. if everyone is running you want to enter the market

I fully understand your position, it just does not apply to tenants when the reality is that the vast majority have a hidden resentment of landlords.

I know that it doesn't apply to you because you're purchasing from a family friend, but Conventional financing also gives you an advantage in a multi-offer scenario over anyone with FHA, as many realtors believe that Conventional financing is not as likely to fall through as FHA. 

@PJ McLaughlinWhenever you apply or renew your rental license you should state if you have any children under 6 years old living at the property.