Hi BP -- I have learned so much from this community so far, thanks so much to allI have a 3 family in a nice, A- area of Providence. Currently I have inherited tenants, but I am planning for lease turn over. There is ...

You don't have to occupy with a VA.

We ALWAYS require a full month of rent for SD, but we also lose a decent amount of S8 applicants who can't come up with it.3) Delayed Advertising for Vacancies:- It is VERY difficult to arrange showings on occupied rentals, especially if Class C or S8 tenants!

"We are sorry that we cannot continue this insurnace therefore your policy will not be renewed...Material increase in hazard as evidenced by the fact that the residence is not owner occupied as required by our policy".

Pays power but water /sewer are unpaid for 2 years & accruing in my name & they won’t shut off water to an “occupied” house.

First, short term, I'd like to expand my portfolio of just one property into 2 by househacking by owner occupying a multi property.

How do you feel about a $700k purchase price with a non owner occupied 4plex DSCR loan 3yr prepayment penalty, 10yr interest only 30yr fixed after$560k loan amount (20% down)7.750 par rate with no costs. monthly payment $3,616.66Or pay $22,295 in closing costs and get a 6.375% Monthly payment of $2,975The monthly payment difference between the two is $641.66And when you take $22,295 in closing costs and divide it by $641.66 that will give you 34.5 months (2.89 yrs) to break even if my math is correctHow do you guys feel about taking a lil less than 3 years to break even on $22,295And the seller is giving me $15,500 in seller concessions thanks for the advice guys!!

If you are, I recommend buying a small multifamily and house hack to reduce your largest living expense while building equity.I recommend talking to a lender (i can connect you with one) about the income fluctuation and see how much you can qualify.Your best bet is to get a owner occupied loan with 30 yr fixed rate.

The downside is that usually the rate is a little higher than a loan originated in your personal name as it is a non-residential style loan on a non-owner-occupied property (investment property loan).

This is not an option  for your Columbus or Detroit section 8 occupied single family home.