Competition can fall through and having an offer already on the table can work in your favor when it does.  

The only slightly concerning thing is no written offer but, I doubt an agent would favor a worse offer over a better one.

This was my former primary residence and the numbers don’t pencil out that favorably to make it a rental.

I have done well in Oregon, but the climate is less favorable for investors than in years past.

Chances are the current landlord wants to get it off of his/her hands so you could actually be doing them a favor.

It’s a balancing act and you should know in advance if you favor cash flow or appreciation as a main driver for returns.Step 2: Evaluate the Sponsor’s ExperienceOnce you decide that an investment opportunity is the right opportunity for you, the next step involves evaluating the experience of the sponsors.

If you refinance a property, calling it a primary residence to get the most favorable rates and terms, with the intent (that's the important part) of moving out within the 12 month's designated in your mortgage documents, you're committing fraud.If you've moving from a single family residential property to a multi family property, most underwriters would question whether your intent is to move into it or just use if as an investor property and would probably, unless there are very extenuating circumstances, not allow you to get the highest ltv available.

Or moving your annual bud light sponsored event, "the boulder push and roll race" to a non-residential venue.Even if you had no property insurance and all of the previous unbelievably unlikely dice rolls yahtzee-ed in the tenant's favor, the tenant's health insurance company would tee up one of their most "aspergery" actuarial accountants and a couple P.I.s to evaluate your potential net worth, its potential liquidity, the type of injury the tenant sustained, the tenants medical expenses, and how likely they would be to win the suit should you pull the "i want jury" card.   

People and institutions have short memories, but apparently not short enough to forget that lesson.Even if you can't pull cash out, the math seems to argue in favor of doing the deal (rolling both mortgages into a bigger primary residence mortgage).Just be sure to discuss it with your family first since they're effectively part of the equation and you don't want to be caught by surprise if they say, "great, no mortgage on the property means no payment needed from us."

And many team leads find that under a favorable brokerage, they can focus on supporting their team by focusing on lead generation and production, rather than all the fun "extras" that come with being the broker (liability, tools, training, mentorship, yatta yatta).