There are guidelines which you should follow when you are ready to refinance.

I spoke to a lender today and she mentioned that the only way I can purchase a rental property is if I'm a homeowner prior to the purchase. she also mentioned that this is currently one of the  guideline that Fannie Mae goes by because of COVID and the landlord /tenant laws.

Step one NARPM, step two NARPM, if you can't find any property management company certified by NARPM in the area then its a gamble. 

Or is their a more strict guideline that provides examples of “property use.”

I see it as a gamble, and not an investment.

Some states don't have an income tax and don't require a tax return filing obligation.Some states allow for bonus depreciation/section 179 expenseSome states don't allow bonus depreciation/section 179 expenseSome states follow federal guidelines for real estate professional status, some don't.

But I expect things to change as adoption continues and the IRS continues to provide guidelines and rules around BTC. 

In order to qualify as a 2nd home the Fannie Mae guidelines state it must be occupied by the borrower for “some portion of the year”.

Real estate is seldom a short term play - in fact, other than rank speculation in Vegas style gambling, no investment is going to make you rich, or financially independent in a couple of years. 

@Brian Eastman In that case, I can have the attorney do one and then I can leverage that model for subsequent based on state guidelines.