I work on Staten Island as a realtor, so I don't want to play Monday morning I told you so ...I can say this , I advice against buying property with out a certificate of occupancy, I had investor do it , but they understand the risks and can wait it most times .

If it continues to make you money, there may be no reason to sell at some point to invest in your current city.

If you cease to occupy the residence as your principal residence for a continuous period of one year or more, the interest on your mortgage loan may not be deductible for Federal Income Tax purposes."

Lots of people like to play "business owner", but don't make any money.

At some point we are going to begin doing more Buy & Hold plays on deals like this but in the interim we're gonna Let 'Er Flip...

As long as you are "continually employed" without gaps and you can show that it is part of your "career growth" you should be fine, in my experience.

All are in the path and not sure at all how this will play out.Good Luck

For everyone interested in understanding the Memphis, TN market conditions I suggest subscribing to the Chandler Reports Below is their report for August:"August Real Estate Update Home Sales Memphis and Shelby County home sales continued to improve through the summer.

I'm not sure if location or how long the loan would need to be seasoned, if at all...but in theory this would allow you to continue to acquire multifamily properties and the only stipulation would be that you have to move every 6-12 months to satisfy the "owner-occupant" requirement.

Any help with this would be greatly appreciated as I continue to look into my first purchase.