It seems like the property would appraise better before a tenant has a chance to mess anything up, but we would like to get the property occupied ASAP. 

His response was “you can move whenever you want…I’d have a really hard time giving you another owner occupied mortgage before the first year.”

Deal financed using a low money down conventional owner occupied loan that was offered by a local bank.

The amount of notice required depends on the amount of time the tenant has occupied the property, not on the length of the lease.

@Jim Garrett You have a holdover tenant occupying the property.

Purchase price: $110,000 Cash invested: $15,000 This property was occupied delivered vacant so everything was in good shape as is.

Even beyond the markets you mentioned (Mammoth Lakes is not easy to get a permit FYI), here are others near you that have decent to favorable regulations supporting non-owner occupied STRs:Palm SpringsFullertonHuntington BeachSanta BarbaraJoshua TreeMalibuBig Bear LakeNewport BeachFeel free to DM me if you want to jump on a call and figure out the best bang for your buck.

The only rule of concern is that you occupy the property as a resident during the first year of purchase. 

The type of policy you will be seeing from most companies is not a Homeowners form (that is used for owner occupied 1-4 family dwellings). 

It's also more difficult to evict them.Here's some other helpful previous posts info:Please review the list of items below regarding each unit and confirm what is available and if it can bedelivered by mail, scan & email, fax or pickup: For each occupied unit: current lease, move-in checklist, etc.