I currently have 3 commercial properties and one single family residence (all occupied). 

I have section 8 tenants that occupy two apartments in one of my buildings, and I find they are some of my best tenants.

Our places have been over 90% occupied in the past year, but we were closer to 65% prior to that. 

You’d get a better ROI purchasing a property that’s tenant occupied.  

Neither his nor my CPA is available for further discussion until after 5/17 next week)My wife and I have about $20k cash which is enough to get FHA owner-occupied financing for at least 365k.

What are the complications and consequences of not living in an owner occupied multifamily property for 1 year but telling the bank that you will be living there for 1 year?

Here is one that is currently going around in my town of Waterloo, IA that i think could be a big deal for landlords:The Community Development Waterloo, Iowa Lead Hazard Control Grant completes improvements to your home to remove lead based paint up to $40,000.Both owner-occupied and rental homes can participate.Your home must have been built before 1978You must be income eligible & have children under the age of 6 who reside or visit frequently.This money can be used to replace windows, doors, or siding with lead-based paint.

With this loan you can buy a multifamily, under 4 units for possibly no money down as long as you occupy one unit.  

I opened it right before we moved out (had to still be occupying in order to set it up) and I should have done a higher amount.

Occupancy: Will be owner occupied until fully renovated and ready for short-term rental market.Value of property at present and/or your offer price: Last tax assessment was $117K - seller is adding a metal roof and offering for $115K.