I certainly did not, and neither did the mortgage lender who  pre-qualified me.After closing on the HELOC  this week, I was reading through the docs last night and stumbled upon the Occupancy clause :"Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control"So I'm not sure what to do.  

@Bob BowlingYou lost me with that last point.

You can also go to the major commercial broker sites like Marcus and Millichap and CBRE where they lost their deals.

My worry is if she removes her tenants from the property & I end up having to back out of the contract without closing on the property, things could get ugly with being sued for lost of funds etc.Question - What methods/contract agreements do you use when contracting a property that is occupied?

My worry is if she removes her tenants from the property & I end up having to back out of the contract without closing on the property, things could get ugly with being sued for lost of funds etc.Question - What methods/contract agreements do you use when contracting a property that is occupied?

Insurance is expensive here, but I have yet to meet someone who lost a rental property due to tornado's.  

Even after considering lofty ( to me) ideas as 'lost opportunity cost', I decided this was the best option for me because it allowed me to get started.

Also after the phone and iPad flipped out of my hands I lost confidence in closeting the deal with a contract.

Our craigslist is flooded with repeat ads for the same apartment complexes; easy for ones ads to get lost in this mess.Better luck going through Postlets with responses from Zillow and Trulia.com.Gail

The acquisition costs are unsecured and you lose a lot of benefits of investing in a tangible asset that you actually own and control.