I understand that FHA loans are only allowed to be used on a primary residence, so I'm wondering if there's anything illegal about getting a 3.5% down FHA loan and moving into the property, then eventually moving out and turning it into a rental.

I currently reside in San Francisco, but will be looking to move to Anaheim in early September.

From what I know the El Paso economy has not been doing well and is heavily resided by the military. 

The bank that is financing us wants us to provide proof of residence after we close.

I'm not an attorney but my understanding is yes, you can definitely do that, and I believe things like that happen every day.While I can see some possibilities for why someone would want to set things up that way, I do have the instinctual thought that it might be over complicating things.Technically the second LLC is another layer of asset protection, and maybe you have a very specific entity structure setup for taxes which would make it beneficial to do it that way (an LLC inside an LLC), but it's worth asking the question of whether these is much difference, or much more protection, than just having you (presumably a Mass. resident) be the member of the RI partnership LLC straight-out rather than having your MA LLC be the member.Also, depending on what else you have going on in your MA LLC it may be a disadvantage to have it be a member of the RI LLC from an asset protection perspective - if someone were to be able to pierce the veil of the RI LLC then everything in your MA LLC would be at risk.If you do go with the MA LLC as a member of the RI LLC, when you go to sell the property you'll have non-resident withholding - but you'd have that if you personally were the member of the RI LLC as well.You'll also need to be careful how you sign anything relating to the RI LLC - you'd have to be careful not to sign as member of the RI LLC but as member of your MA LLC, member of the RI LLC.

Hi Memphis residents and investors!

That’s something we will be focusing on first to get things cleaned up (evict some residents, etc).

., Pontiac, MI, 48340Property Details Single Family Residence Current Rent: $0 Square Footage: 1800 Bedrooms: 5 Bathrooms: 2.0 Occupied: No

This means we need to make a relatively quick decision about whether we will rent or sell our current residence.

I already have a principle residence that I absolutely love so I'm hoping to find a way to do this without moving.