-Purchase price is $475k-expected gross rents 4440/month if all are LTR, more for STR-Current rents per month: 1 is $850, 2 are STR, one owner occupied-Fair market rents per month: $1020-1200 as LTR-We have an existing relationship with an excellent professional property manager-We have excellent credit and high salaried  W2 income (attorney)Thankful for any advice you can offer!

Purchase price: $123,500 Cash invested: $85,000 Sale price: $406,0003 bed / 2bath, 1,336 square feet building, 8,040 square feet lot sizeNeglected and run down property, occupied by unauthorized hoarders How did you find this deal and how did you negotiate it?

From the loan servicing guide:Notes: For all such transfers affecting mortgage loans purchased or securitized by Fannie Mae on or after June 1, 2016, the transferee is not required to occupy the property.a limited liability company (LLC), provided thatthe mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).The servicer must notify the borrower that a property transferred to an LLC must be transferred back to a natural person prior to any subsequent refinance application in order to meet Fannie Mae’s Selling Guide underwriting requirements.https://servicing-guide.fannie...

@Sarah HofferThe major thing I can think of in your situation is that you’ll no longer get the lower owner occupied interest rate when you refi, seeing that you’ll be moving to NC.

I want to buy a property in Georgetown to occupy but I believe there are better cash-flowing markets in the area, as far as appreciation though, Georgetown is probably up there with one of the better markets in Texas.

This is the first time I've actually sat down to explore and post on the forums.I purchased my first  side-by-side duplex last October, that I am currently owner-occupying.

May take several offers to get the right one.Now some people say investment when they mean owner/occupied home and this very different. 

@Isaac Lane As you mentioned, what needs to be done during the turnaround is largely determined by how long the previous tenants occupied the unit as well as how they took care of the unit.

You are much better off going with your own cash or a conventional owner occupied loan where you will get the best rates.

There are sometimes exceptions (eg major reno), but there is a process you have to go through.For things like reroofing, unless you are literally rebuilding the roof, the unit can be occupied while the new roofing material is put on.A quick google search showed this for Ontario "Landlords who evict tenants for repairs or renovations must allow the tenants an opportunity to move back in at the same rent before offering the unit to others, according to the proposed changes"Your best bet would be to not renew their lease (this is not the same as an eviction-an eviction is the result of the tenant not following the terms of the lease) when it comes up for renewal.