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.

However, some RVs are considered primary residences, so that's where my confusion comes in.- Our current primary residence was a rental for us from April 2012 until June 2016.

I've lived in the property for almost 4 years now and am looking to upgrade my primary residence for a little more room for the family and rent this one out.

I use a heloc on my current residence to fund downs and rehab $ and holding costs.