Specifically: "If the building is not occupied solely by the person and his family, firm, or corporation for at least 12 months following completion, it shall be presumed that the person, firm, or corporation did not intend the building solely for occupancy by that person and his family, firm, or corporation."

The current rent rates for the area for a similar property is 1800, however the main reason why I am purchasing is there is a corporation lease on the home for 2700 for an additional 4 yrs (lease includes maintenance and property management already paid)Should I proceed with the deal and pay more?

And i'd add, with Oklahoma having an above average vacancy rate, almost double the national average you may want to rethink where to buy.   

Nick Williams I suggest digging into information from the Alaska Housing Finance Corporation.

One of those things is forming some sort of corporation or a LLC.  

Different real estate/tax/corporate laws, different rules for financing, different rent to purchase ratios, etc.

LA was #1 in the nation for total profits (cash flow + equity gains) since 2000 for SFRs.

Ahh, I just joined the website and I know my reply is 1 year after the initial post but I have good news :-) I am a rare breed of bankers that do loans for Foreign Nationals, and even better news, I cover all 50 states since we are federally charted.

If you have investment properties owned in your personal name, you need to be talking with your CPA or researching the Trump proposal to include pass-through entities with the corporate tax rate and the lowering of that rate.  

If I can  work hard and work myself into an IT job making 6 figures and and climb the corporate ladder without a college degree then I for darn sure could hunker down and learn real estate for the benefit of my families future.Well that time has lit a fire under me and I've been listening to podcasts and reading books left and right.