I’m in Gatlinburg Pigeon Forge where there are about 10,000 log cabins. 5 of which I own and self manage remotely. 13,000,000 tourists 15,000 residents.

I will be residing in one of the units to take advantage of the low downpayment.

If the borrower owns other financed properties, additional reserves must be calculated and documented for financed properties other than the subject property and the borrower’s principal residence.

Bank wants to sell only to owner who would reside there.

Also, I'm wondering if the premium a Prop Management company charges could make this even better than with your primary residence. 

we have the #1 college for Non destructive testing in the nation in town and was thinking i could rent each room to students if needed 2br 1.5 ba Technically you are required to live in the residence for at least one year. 

Since you are currently residing here, you'll have a first person view of the market and be able to supervise your own process along the way.I just responded to a similar post from another member that is starting out in Memphis.

There are exceptions for military members who qualify, according to HUD 4000.1 page 128:Borrowers who are military personnel, who cannot physically reside in a Property because they are on Active Duty, are still considered owner occupants and are eligible for maximum financing if a Family Member of the Borrower will occupy the subject Property as their Principal Residence, or the Borrower intends to occupy the subject Property upon discharge from military service.”So as long as you “intend” on living there you can use an FHA loan.

I have a home in a college town where my son resides.

The home we have under contract is a 3300 sq ft Victorian on 3 acres, and will be our primary residence.