Edita D.No, I've never looked into loss of rents coverage and would be curious under what circumstances they'd cover such a loss.

i sent you a PM since i have a very similar circumstance as you.

Looks like, to me, that a strategy is being forced on the circumstances to make it a deal.

I think it depends on the circumstances.

If it was you could try to go to the first lender, explain the circumstance and ask for a written permission to get out of the owner occupant obligation.

Its not a friend but the circumstances were such that she was asking for help.

After we have gathered what we deem to be a "comfortable" cushion of funds and have streamlined the management process, we will either buy a long-term single-family home for ourselves and rest on the properties we have, or make the jump to a 6- or 8-plex to increase our income exponentially, depending on our circumstances at the time.We both work full-time (which makes renting/renovations interesting, to say the least).

Short sales are a lengthy process, even in the best of circumstances.

There are many threads on these two important rules for buy and hold, and within these threads, there is a lot of mention regarding the necessary adjustments to each rule based on specific circumstances.

Your best bet is probably to call a few lenders (without applying & no credit report checks as that can hurt your credit score) as there are just way too many options depending on your individual circumstances.