And paying yourself (fair market) rent for a period of time (I believe) could establish this for another investor, or the bank.

If you are not comfortable digging through them, have your CPA do it during the due diligence period.

If you move out after 12 months, the seasoning period for most FHA loans, you could rent that last one for $1500 and be making decent money.

It is not a legal living space, period.

I would post a pay or quit after the grace period and follow your state laws to start the eviction and judgement.

I enjoy many aspects of the military but periodically imagine whether or not I could make a decent living to support my family working for myself on my own terms, which is probably why I'm drawn to real estate.Neither my wife nor I have ever owned any property.

He is putting up 30k and we are putting up the rest for the down payment and closing costs.

Just a shot in the dark, but the owner may be paying taxes and maintenance on the property during a "redemption period" and waiting until that period ends to do anything with the property?

People rent for many reasons, but some common ones are: 1) they do not have sufficient resources to make the downpayment on a property purchase; 2) they do not have the credit history to qualify for financing; 3) they are in the area temporarily, or periodically, and do not wish to establish roots (students, oil field workers, politicians & staff attending the legislature, etc); 4) home ownership is just not right for some folks.

You can play with those dates any way you want, who said that the rental period has to start on the 1st and rent due date to be on the 1st?