This is how it is supposed to be handled but some lenders have overlays or loan officers are not aware of the actual guide lines or rules depending on their organization or who they are selling the loan to in the correspondence channel.I have come accross this several times you simply make the underwriter aware and in some cases the agents and appraiser are informed as well in case there is a need for an outside LOE letter of explanation. 

Taking my next step and it's decision time. 

University Heights is a solid area, and I think with the rapid development that is going on in University Circle, I think it's a great time to invest in that area. 

Rules for this loan product require that the property is rented no ore than 180 days per year or generally half the time.

We do this analysis all the time... we find a nice "Estimator" for the costseg, and whack it against your 2024 tax plan to see how it all shakes out.

Would you want to spend the time on it to renovate? 

Thanks in advance for your time!

More time/paper/brain burden than financing with a local bank.Seller needs to have better documentation and cleaner books generally.

I think a ReafCo filter would clean up half of the issues.

It would be out of state for me but my job is very flexible and I would be able to spend some time in Knoxville if needed.