SFH Pros:-Great "free" leverage-Less risk-Househack (rent out or airbnb rooms)Cons:-Can't completely rent it out because it has to be owner-occupied-Slow cashflow/returnDuplex Pros:-True investment property-Can force appreciation by updating interiorCons:-Tenant recently signed a 2 year lease until mid-2022 that is below market rent-Old home, it has good bones but general contracting labor is expensive since they are in high-demandThank you in advance!

Does anyone have experience with giving tenants small gifts as a way to smooth over aggravations from unexpected renovations while tenant occupying the property?

Background so the numbers have meaning - Conservatively approved to 400k, FICO 800, clean history, 20% down payment on non owner-occupied investment property, 30 yr fixed conventional loan.

The person “owning the apartment actually owns those shares in the corporation owning the building and has a “priority” lease on the apartment they occupy that is specifically tied to those shares.The corporate by laws will state what percentage ownership must approve a conversion to condominium structure.

Getting an owner-occupied mortgage is easier than an investment property mortgage.Doing your own rehab and managing tenants on two buildings will give you & our wife a taste of real estate investing and help you figure out if you really like it or not.

Should I base my offer on the usable/occupiable square footage or the gross square footage (rentable square footage)?

Purchase price: $205,000 Cash invested: $20,000 Sale price: $425,000 Bought as a primary residence, owner-occupied interest rate.

@Tim Swierczek is a lender and investor and can provide more a more thorough assessment.FYI, not exactly…..The “10mortgaged properties” rule for Fannie/Freddie is for Any type of mortgages on 10 properties, not just Fannie/Freddie….so portfolio, private, whatever all count toward the 10.This rule does Not apply to FHA, it doesn’t matter how many mortgaged properties you have as long as you will occupy and don’t already have an fha, you can qualify. 

your insurance co needs to know it is a rental occupied by tenants (or vacant but will be). 

How much money should we keep in savings for emergencies (I was thinking 7-10k minimum)I know the current rent on the unit occupied is $1200/month (2 bed 1 bath)I don't know what the sqft is of each unit but the total of both units combined is 1,682 sqftRight now I know the property doesn't have laundry in the units (we would be adding that to each unit)We also would want to add wall unit AC/Heating (save on monthly expenses as oil is expensive)I don't think there are separate meters for utilities (I assume utilities are included in rent?)