A few other requirement for second homes include: Is restricted to one-unit dwellings Must be suitable for year-round occupancy The borrower must have exclusive control over the property Must not be rental property or a timeshare arrangement If there is rental income from the property, the loan can be a second home as long as the income is not used for qualifying purposes Cannot be subject to any agreements that give a management firm control over the occupancy of the property

If you have a larger home suitable for families you may target relocations or insurance replacements.

As I've watched the idea of "Subject To" morph from being a solid investment technique suitable for experienced, PROPERLY trained and well funded investors, to inexperienced "no credit, no experience, and no money" newbies, I 've just shaken my head.

I don't have the experience the other posters here do, but I just went through the same process and recently got short sale approval for a SFR in north Seattle that has a basement suitable for a ADU conversion.

I'd include a fraud or mismanagement clause allowing you to cancel for suitable reasons. 

And even then, they won't get a judgement for any money because their rental suitability was dated after all the rent was due.  

What do you think would be most suitable for your lifestyle? 

To stay motivated, to learn from its many contributors, to connect to others who may become my associates, and because it's such a suitable format for a computer nerd!

USDA loans are another option for you, but they are more suitable for rural areas.

If the past year has taught us anything here in VT, its that our economy is driven by out of state visitors and a law that is too strict on this could really hamper that moving forward.