**Carve-Outs for Independent Deals**: Some investors negotiate carve-outs or exceptions to this exclusivity.

Most loans are not assumable (VA is an exception) and I've never heard of a HELOC being assumed.

The hope is to build experience and open more doors in the future for new builds.I also just had lunch with a banker on Friday who said they have been opening up and relaxing on real estate again…for everything except non-owner occupied construction - that is still a no go for them.

@V.G JasonYour response is right on the money except the first sentence for which I beg to differ. 

Both interest rates and tenant behavior have had major negative impact.Smart buyers can always find advantaged acquisitions from a true financial fundamental real estate perspective in DSTs, but it’s the exception, not the rule.

The surrounding cities do exceptionally well too and this area is one of the fastest growing destinations in the country. ”Kalispell has just been ranked the number 1 fastest growing micropolitan city out of 543 in the United States” per Kalispell chamber of commerce.   

Good lesson, except I would change the words "some sort of active income", to a "specific active income". 

(Roth's being an exception.)CPA Tom Wheelwright has a chapter on this in his book Tax Free Wealth and agrees with what I just noted. 

And, because you will hold the property for many years, you will need multiple reliable tenants.Reliable tenants are the exception, not the norm.

The minimum time that lenders like to see you living in a primary residence is at least 12 months (although there are exceptions to this rule on the grounds of “life altering events”).