Took a few years to get licensing, permits, etc, to either restore it to being an assisted living facility, or convert it into one.

I recommend using your cash to purchase a 4 plex and live in one unit.

If you are house-hacking I am assuming you are living with the tenants or at least in a unit next to them.

Additionally, we can provide insights and assistance if you're interested in investing in the Muscle Shoals, Alabama area.

@John Mason Hi John, I live and work with realtors that serve that area.

They wouldnt do the deal because I don't own my primary residence.... seems odd to not lend on a 1.4 DSCR property700+ creditI've been a landlord for 6 yearsThis is my second BRRRRMake $100k per year.I dont own my own residence because I moved from Pa. to Fl. and am renting until I find an area to live more permanently.Luckily the asset and my personal finances were enough for other "asset based" lenders to do the deal, and Lending one lost out on future deals.

Like there is a federal law that allows owners of 1 to 4 units that live in the property to not have to adhere to the rules of tenant selection..

You could buy a $225K home for example 3.5% down is $7,875.00 but there is closing costs which I mentioned seller credit or use the rest of your $6K.You could also use a DPA down payment assistance which covers 100% of the mortgage and in some cases depending on the DPA closing costs as well.   

Depending on the zip code you might also check with Wells Fargo to see if they offer the down payment assistance grants in that area.Could be the buyer is just trying to save cash, so counter back with no closing costs.   

You would buy there to live or if you just want to own property in the best location possible....Overall, the long term rental game is rather difficult in the middle TN market right now, especially in the Nashville area.