Nothing illegal about doing that, but if caught, the lender may call the loan due and if you don't correct the situation or pay the loan off, they willstart mortgage foreclosure.3) You could also go the HELOC route to tap the equity in the home, but the 12-month owner-occupancy will also apply AND the interest rate on the HELOC will fluctuate with the Fed Fund Rate.4) You could do a cashout refi as an investment property, but that will be at an interest rate 0.5-1% higher than owner-occupied rate.Suggest you meet with 2-3 lenders to explore your options about the above.Once you have access to funds, recommend you buy a 2-4 unit with 20-25% down. - You can buy owner-occupied, live in one unit, and fix up and rent the other unit(s).- If you're handy, recommend buying a property in the worst condition you can tolerate.

In some cases, federal tax credits like those for low-income housing or economic development might also apply if the project aligns with certain goals.Instead of buying the land outright, developers often lease it from the tribe, which can reduce upfront costs and sometimes come with favorable lease terms.

This advice definitely applies. 

After that is done, head over to IRS.gov and apply for your EIN (Tax ID).

I would consult with your bank before making any moves if this applies. 

Keep in mind that strict rules apply, such as avoiding self-dealing, prohibited transactions, and personally benefiting from the property.If you’re not looking to involve your IRA directly in the property purchase, you could explore other creative financing strategies outside of your retirement account.

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or to refund to the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account that is specifically designated for future investments.

Pay Down the Loan Faster:I’m considering applying $40,000 annually to the loan principal.

I took what I learned, applied it, made mistakes, and kept going.

From the beginning of the discussions though Buncombe County has said that the regulations will only apply to STR owners who apply for a permit after the application window closes, meaning that you should have nothing to worry about if you buy soon enough and then apply for the grandfathering during the window of opportunity.