Before you pull the trigger on the HML and the project you probably should go talk to several loan officers in terms of your exit financing (Fannie/Freddie) to ensure you will meet all of the requirements they have to close the loan.  

Such sale contracts can be over a specific period or time or be executed on a specific occurrence, trigger events could be the death of one partner in title, or both, or if the sun does or does not rise on a Monday, in other words, anything can be agreed to as a triggering event.  

I have not yet pulled the trigger on my 1st property.

(This also triggers the law of reciprocity that makes them feel obliged to give back)Hope these pointers help

Eventually, I pulled the trigger for two reasons. 1.

A purchase will generally trigger a reassessment though.  

It's always best to ask for advice here on BiggerPockets on any deal that has some special circumstance like this one (occupant/renter) BEFORE you pull the trigger.  

That will get you closer to the right price point and it will trigger your listing to hit you local MLS "hot sheet" (assuming you have it listed with an agent) and it will also refresh on Zillow and the other online sites.  

Like J had mentioned, a year ago I had a stack of printed out data sheets on various properties that I was considering in Oakland but I was afraid to pull the trigger. 

Furthermore it would seem that any transfer of ownership would trigger a taxable event and the IRS would be very interested in any non-market-value transfer structured to avoid taxes whether inside a family partnership or an arms-length sale.