Unless your area has a special rule, our property mgmt team accepted the first qualified applicant and notified the other applicants that they were not the ones chosen and told them that their application would be kept on file for future available units, or informed of why they did not qualify.

I've never purchased a home so I qualify for FHA 3% down which I can more than cover.

I would have a local broker do a CMA for her on the value and then refer her to a Q.I (Qualified Intermediary) for the 1031 exchange.But if she lived there for 2+ years, she should be able to avoid the capital gains tax unless its a substantial windfall, thus negating the need for a 1031 exchange.

You could do it a couple of different ways. 1) You could sign a 4 month lease and then have the remaining tenants resign for another period when that is up.2) You could sign a 12 month lease with all of them and then have them resign when the group moves out.3) Sign a month to month but require that they stay a minimum of 6 months in order for them to be qualified to get their deposit back.As always, ensure that everything is within your local landlord tenant laws.

See what loan programs you qualify for and then let those terms inform the financials for your rental.

@Krishan Sharma First, to qualify for the Section 121 exclusion of taxes on sale of a residence, you must live in the property two of the previous five years ending on the date of the sale.

That is exactly where I went when my lender told me it would only qualify for commercial lending.

Not having experience with Section 8 I cannot say with certainty that you would not pass muster with this property, however if the housing authority does do their due diligence on a property I suspect that any shortcomings will quickly become apparent and would likely sink your chances of qualifying that property for Section 8.

It is that easy to gain more knowledge and be more skilled when it comes to the real estate industry, Jessica.

I would probably make it an addendum to the original Lease agreementIf he can qualify on his own then I would continue to rent to him but just clean up the paperwork.