But I can pay cash for it and it already has 100% occupancy. 

The occupant has lived there for more than 6 months and meets the definition of tenant under the statute....(1) As used in this law {subtitle}, “tenant” means a tenant, subtenant, lessee, sublessee, or otherperson entitled to the possession, occupancy or the benefits thereof, of any rental unit ownedby another person, and who has resided therein for not less than 6 months.

His exit strategy is longer-term buy&hold.The goal is to structure a deal where we perform owner financing on a property that has a backing mortgage.I haven't talked to the lender about it, but was curious about whether, in this case, that was even possible.I believe our vibrant community here can provide useful perspectives, and thanks in advance If I understand the question correctly, you would go ahead and do the refinance to long term financing, (be aware that the note probably has a "Due on Sale" clause), you would meet the minimum occupancy term requirement, sometimes 6 months, sometimes 1 year, (read the agreement) and then sell to your buyer on a Wrap.

One will be ready for Feb. 1 occupancy (already rented), one we are aiming for March 1.- We are closing on our first duplex this week.

Buying as an owner-occupant adds a lot of financing options, and allows you to buy HUD homes, which can be pretty stellar deals. 

The way you currently have the numbers, you are showing occupancy only 11/12 months.

If it truly provided some service, one of those occupants would be griping about not being able to have that dog.

Get a low down owner occupant loan and start your journey.

We currently own 29 multi-family units and 2 SFH's (95% occupancy).

They have a right to occupancy with the old lease, you just happen to be the new owner.