I believe I have two options.Property Info:Purchase Price: $365,000Current Loan: $329,000Interest Rate: 5.7%Mortgage:$1900PMI:$130Insurance:$157Taxes: $320Current Rent Left: $1200 (Market $1400)Current Rent Right: Owner Occupy (Market $1800)1.

Unless you are renting bedrooms in your home and you owner occupy.While there are some exceptions probably, the STR ship has probably sailed in DFW a couple of years ago. 

@Matt Roth for mailers there are various list providers that provide different filtering options, absentee owner, by county, state, type/size/class of building etc. 

Yes, I should get quotes from contractors but the owner wants it under contract before I start sending contractors to the house.

I worked for the owner as a property manager for 3 years.

Will they allow a loan assumption as the new deed owner? 

However, the owner has made professional additions such as a 500+ square feet family room and a 500 square feet deck, which greatly enhance its value.

You need to pay it even if you didn't receive it from the previous owner.

They've been great owners, keeping the upkeep strong, and lately putting about $40K into it to ready it for sale.

Considerations we've heard/read about are: distance to primary residence, location of the property in comparison to the primary residence (ie, if we live by the beach and we buy a property by the beach, it's likely not our vacation or second home, whereas living inland and buying in downtown or by the beach could be a more likely second or vacation home), and minimum timeframes for owner occupancy (like 14 nights if we eventually choose to do STRs there).We live inland and if this does allow us to buy at a higher price point, we're open to looking in more tourist-y areas of the city.