I moved in June 1st after a lease back period.

I got in early and purchased my lot during the pre-sale period so I got a great deal on my house.

It used to be only for a certain period of time, but that changed after 2013.  

And you can do all of this within your "option period" of your contract so if something comes up that you don't like, you can cancel the contract or you can renegotiate with the seller.  

It's always good to figure in some vacancy - periods when you'll have continuing expenses but no income on that unit. 

The Private Flood Insurance markets don't usually do this however that being said all flood policies can skip over the waiting period if there is a loan closing so for your instance once the property transfers ownership on the closing you will have coverage if the agent set it up that way.

If your strategy is going to be buy and hold BRRRR’s…in this case a HELOC may be appropriate because you can just draw what you need and only pay interest on what you draw instead of the whole pot (and HELOC’s typically are interest-only during the draw period, commonly 10 years).

Also, you have to look at the community you live in.....If you live in an HOA community, check the bylaws to make sure that they dont have a minimum lease period.

If it is working, I would get the service now, there is a 15 or 30 day waiting period.

4) Is the rental income considered FDAP(Fixed Determinable Annual Periodic) or ECI(Effectively Connected Income)5) Do you have to file a Federal tax return / state tax return annually?