And you'll still have to pay tax on the proration from the periods of "non-qualified use" (as a rental). 

@Rick S.Unless there is a legitimate non-tax reason for your partner to pay the $20,000 closing costs.

I'm looking at a small NY owner occupied, non-performing 2nd with a performing first being sold by a company that has other NY notes.

The next step after your list is made is to call each one and ask what their minimum mortgage amount is on a non owner occupied loan.

This is more likely going to be a non-conforming unit.

@Michael Weis - some lenders will actually get you as much as 80% depending on the loan program and whether it is recourse (i.e. you personally co-sign for the loan to your legal entity) or non-recourse. 

As a landlord, I recently received a Request for Proposal ("RFP") from a non-profit that is seeking office space. 

He was saying something about foreclosed homes not having a clean title.

If using a lender this is a non issue.

I'm a little leary to think that 6 nights (3 weeks * 2 nights) is going to be enough to cover mortgage, insurance, property tax, maintenance, cleaning, furnishing, 100% of utilities, cable, internet, etc. but maybe I'm all wrong.