Do I work to build my credit score?

@Jahbari McLennan check and see if you were credited for partial years taxes from seller.

Conventional loans do not typically require residence.You just need to make sure there is NO pre-payment penalty for paying off the loan early.Also you will need all the repair money and carrying costs available in cash/credit. 

I do not want to take a loan on it due to I will be paying more interest vs equity line of credit.

You could also consider letting the boyfriend off the lease if there are no damages and rent is paid.

Account Closed  someone loses there job and you want to sue them .. give me an   a swear word break.. although in practice most board of realtors contracts state that the liquidated damages are limited to the deposit that was put up.. 

The lender is not damaged and presumably the owner was there long enough to satisfy the time requirement.Any *misrepresentation* on a bank loan, like intent, (reason for the loan), income, addresses lived at, rental history, amount of money in the bank, assets, liabilities, employment, time on the job, number of dependents, source of funds (the common things people lie about on applications that get them into trouble) etc, etc are potentially mortgage & wire fraud.

For those of you who frequently use these loans, how do you mitigate the risk of needing to refinance in 5-7 years, but not having any idea what interest rates or credit availability will be like at that time? 

By that time, cash is the king and credit will be tight. 

Seminars are very, very valuable...Just ask the person collecting your debit/credit card number to sign you up for the program.