I would make sure the builder has the Certificate of Occupancy (meaning the permit has been finaled) and ask them for an Owner training.

Rooming houses usually require specific operating licenses in most cities and sometimes special zoning depending on occupancy levels.

Your buy strategy will be drastically different if you are buying to be an owner occupant vs. buying to invest.

Hi everyone!    I wanted to share a small tip that I just discovered after something very “interesting” happened when listing one of the units in my building that I owner occupy!I posted the unit to Facebook marketpla...

Most loan programs have a 1 year owner occupancy agreement, but after that you can do what you would like.

For me the park just proved to be too far from my home and at 30 percent occupancy I didn't have the time to fool with it.

Occupancy at all our locations are at 95% or greater while sub markets in Dallas are in the 95 to 97% range.  

We're considering bidding on it as owner-occupants and renting out our primary for a year. 

This way most things are covered, who is responsible for insurance, marketable title wording, septic inspections, type of financing, items included/excluded, utilities on/off, who owns a propane tank if there is one, gas and mineral rights, certificates of compliance/occupancy blah blahI of course would then ensure my clients interests are preserved with the right checks and a good number of days for contingencies that work in their best interest.

The latter, which are typically owner occupants are especially hard to compete with since they are motivated more by their emotions and/or by what they don’t have to pay in monthly costs.