Take Care :)

I would be careful.

Asking is $200K, my relative (buyer) looking to put 20% down.He is pre-approved for the amount, lender has prepared both a conventional loan and a mass housing loan option for first time buyers.Would be purchasing as an owner occupied "primary residence", rates are decent under both options.Condo is currently rented, tenant lease expires the end of August - roughly 4 months.Lender says both loan programs require buyer to occupy the unit within 60 days, to qualify for first time buyer deals.Is there a way to get them to extend this to 120 days (4 months) until the tenant lease is up?

@Steven Westlake,Be careful about #7 in more northerly climes.

Could be pissed and may not care to talk to you, This was my thought.

If you don’t care about cash flow year 1 you can go down as low as 6% cap rate and still break even.

Let's be careful about generalizations.

Time would be the biggest variable.Assuming the same repeatable services will have to be provided for STR & MTR, that are not provided for LTR, the costs may not be that different.Taking care of lawns, monitoring & paying utilities, taking calls, etc.Some services will be the same, but vary in frequency: cleanings, resupplying amenities, responding to inquiries, bookings, granting access, etc.

I took care of everything going forward as well.Comment above said seller financing is a pipe dream???

There are pros and cons with them and you have to be extra careful now because of HOA poor management, etc.