It's a LL remedy that only a few states allow, PA being one of them, and the requirements for making sure it's enforceable are pretty strict, so I would definitely consult with an attorney who works in this space. 

@Mark Trebor, for now, this is strictly for our internal reporting process to help us visually see each month how far off we are from our potential, and why we are off.

If you purchase a property with a VA loan and it's legally your primary residence, would your lenders take issue with you being absent strictly during the school year to attend college courses in a different area?

What I mean is that the Labor Dept. has pretty strict guidelines about what constitutes an employee.

I completely agree with everything you mentioned above I guess my thought would be though is that at some point it is my understanding that most people want to change the portfolio from strictly an investment to a method of generating passive income (i.e. to essentially replace a full time job which is my long term plan). 

You might be borrowing from an individual who’s willing to talk...not a large corporation with strict policies which can be especially advantageous given your situations. 

@Chris Phillips you have to look at this in a strictly business manner.Yes, a refi on the property puts you back at the 30 year mark, however I'm assuming as you build your portfolio it will be filled with 30 year mortgages.

Strictly cashflow, there are great areas in Gloucester County.

Lenders are strict about these homes and they fall under various categories these days .

I understand the lender strictly specify you can not rent your vacation home.