Also, I talked to the property management company that said people often buy with an FHA or "must be primary residence" loan and then say that circumstances changed/prevent them from moving in.

If the investor lives at the residence for at least two years out of the five years prior to its date of sale, he is exempt from paying capital gains tax on the first $250K of capital gain ($500K if filing a joint return with a spouse).An investor could rent a house and live in a trailer on the property (1) if the property is sufficiently large to make that practicable and (2) if such a circumstance is permitted by the local jurisdiction. 

Certainly I'd agree that this is a stretch in ordinary circumstances, but wanted to put said possibility out there for further research and follow up for those who may fit the criteria such as a property zoned commercial.Congrats on multiple contracts this weekend!

We always recommend a forced appreciation strategy to mitigate against unforeseen circumstances.Aloha! 

Eligibility is based on the tenant's circumstances/income level and they will almost certainly have to submit something in the form of proof of income in order for the landlord's application to be processed/approved.Ultimately, like with most of the other tenant protection laws that have passed since COVID started, this isn't for the casual hobby landlord. 

You could go with an FHA loan on the next one and only put 3.5% down, reducing your cash out of pocket to get into it but you have to be willing to owner occupy, at least for a year or two (though circumstances can and do change - you just have to go in with the intent of owner occupying.)  

If a newer mom and pop investor acquires a property that has unforeseen issues or runs into problem tenants you're going to be facing problems that are much more expensive and difficult to solve and will set you back in your overall goals for your portfolio. 

It does not hurt you as a landlord to have tenants pay two days late, but making demands of tenants who cannot change their circumstance will quickly give you a bad reputation.

I will not rent more than 28 days under any circumstances for this reason.Re: snow, hardly ever happens in the Smokies, but sometimes you just gotta roll with the punches.  

I feel good about this as he is very knowledgeable about the legal aspects of the market in which I'm investing and can help me navigate additional legal circumstances in the future and most likely save me money in the long run.