I’m getting stumped on how to get a loan that works.

The original plan was to live in one unit (as requird by the loan terms) for one year and rent out the other, then move & rent both units after the 1 year requirement (currently living with relatives).

Have you looked into low down payment loans?

You could also move into the Tampa property later on - although I would say this is a rare practice because people usually like to take advantage of the primary home loans if they are going to live in it (people usually live in, and then rent).

Does anyone know if you can refinance a NACA loan after a year without having to pay the 25k lien put on the property and also doe that release you from the occupancy requirement?

@Diane Dutt very few lenders will call a loan that is current and paid on time.

The management company just happened to be hooked into the deal with Growth Equity group and they also provided the interest only hard money loan for the balance of the purchase price. 

But we are paying all that back down, so as our balances decrease and we get farther away from that missed payment we will be able to get a loan on the house we inherited and use that to get us going on some income properties or maybe a flip.

My advice is to limit your use of credit cards to front costs that are reimbursable with a bank draw in a loan that you have originated.

Last thing you want is to not be able to get the renter out especially if you are on a hard money loan.