FHA & VA allow for a "Change in circumstance" for example you are moving, changing jobs requiring new location, new school, enlisted military, divorce, other life circumstance outside of your control.As far a penalty due to no intention as using from the start of the application.

And then too if you're financing, be sure to run the Cash-on-Cash to see what your real return is expected to be.I started as an investor with turnkeys and have worked with them ever since.

This way, you're not locked into a long-term commitment and can start looking for a new tenant.

Francis, If you haven't, start establishing a relationship with some lenders in your area.

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.

You could start your search by reaching out to lenders, brokers or other investors you meet at REI meetups.

There could be a contested title (unknown heir, brother/sister disagree on selling the property, taxes due claims by state as a result of passing, IRS, so on,) at this point.It will likely take one of the heirs to get organized, start the process to become the personal representative/executor and petition the court.

I would be careful attempting the BRRRR method out of state to start.

Plenty of people in here started out as small fish, and worked their way up to being whales.

I'm  getting started in this journey of equity partners.