Its something I never thought I could do myself, especially in this area, but with life and work pretty stable it's something that looks like it can be more of a reality as a part-time business, so I'm trying to get educated.

The sale of the home is considered to be for health reasons if the taxpayer's primary reason for selling the home is to obtain medical attention (diagnosis, cure, mitigation, or treatment), or to obtain medical or personal care for a qualified individual suffering from a disease, illness, or injury.Unforeseen circumstances may include: an involuntary conversion (destruction or condemnation of home), unemployment, the inability to pay basic living expenses, or a change in living arrangement such as a divorce or legal separation or multiple births resulting from the same pregnancy, and other reasons to the extent provided in regulationsThe taxpayer's exclusion would have been disallowed because of the "more than one home sold during a 2-year period" rule, except that the taxpayer sold the home due to and of the three reasons listed above.The taxpayer otherwise qualifies for the sale of home exclusion, but there was a period of nonqualified use during which the home was not used as a principal residence (effective for tax years beginning after December 31, 2008).Example: John bought his first home in 2003.

Seems like conventional is the way to go for my first purchase.FHAPrincipal: $400,000Interest rate: 4.25%Percent down: 2-3%Mortgage insurance: $427/month for the life of the loanConventionalPrincipal: $400,000Interest rate: 4.50%Percent down: 5%Mortgage insurance: $186/month

Sometimes, people buy an investment property and INTEND to hold it for income, but then along comes an unforeseen life changing event and, well, they have to move into that property.

These are "life events".You discover people going through these life events by interacting with people or researching public records.

Yet a real estate investor would have no problem making that come to life by securing a rental property in that state.Kudos,Mary

Check the state laws and with your local health department.

If it were me, I'd make it clear to the tenant that you understand the ceiling fan has "run the course of it's useable life" and ask what date might work best for tenant to allow entry for replacement.

Not just setting up the purchase and closing, it is the agreement for the life of ownership.

The Building and inspections dept will make your life miserable if you are not conforming and if you ever put a tenant in there and get caught the legal repercussions could destroy you.