I prefer 10 year terms and will consider a 15 year term for a cut in rate and points, but still plan to reduce principal for payoff in under 10.

I have been a principal broker but no longer originate retail.

Now, if you get a list of front row buyers at McGuires Auto Auction, (the one that sells exotics and classics) as principals buying a '57 Gulwing, that name might be usefull....LOL

A property can still be your principal residence; however, not your tax home or where you live on a day to day business due to work.Most of the occupancy clauses state it has to be your principal residence and that you have to move in within x amount of time.Once you close on the property, you will want to be sure that you get the property taxes reassessed ASAP. 99% of the time they will agree with your HUD purchase price and go from there.You may run into an issue due to it being a VA loan as they have more strict occupancy guidelines.

I can see a judge tossing out the whole deal especially as a penality as under other fair credit collection laws, that not only may there be a fine but the remaining principal amount may be forfieted as well.

You could form other types of partnerships, but the LLC would probably be the easiest and cheapest way to go, don't know in your state, but the birddog needs to be a principal, taking an interest in the deal.

Have you considered finding a principal residence?

orYou could use a partitioned note having two payors on one note document that split the principal amounts to the first seller and the second seller.And, if state law requires you to use the standard deed of trust one can be used with the above arrangements, but if that is not a requirement, then perhaps a special warranty deed could be used with a deed of trust modified instructing the trustee to first clear the contract for deed prior to the deliver of the deed or in the sale of any collateral by foreclosure.

The depreciation is what accounts for the principal of the property.

Since the principal loan amount will be low, your ate will typically be much higher than the prime lendin rate.