My primary motivation is to ensure my dad doesn’t have to worry about financial stress after retirement.

Usually a primary home is going to offer the best option to borrow against for higher LTV/CLTV, lower rate, and less fee's (No points).

Also note the condition of the unit, room by room, on the move-in check list.These are your primary defense EVIDENCE exhibits to be presented in court to counter the tenants claim(s) of non-habitable condition.

@Pat Arneson After working with my primary contractor for about 23 years (give or take) he now accompanies me on all my walk throughs.

I plan to use a HELOC for the improvements to create lots with improvements.My plan for the rest of the parcel, now roughly 7 acres, is to built a primary home for my family, and to put in 5-6 cabins.

@Carl Trube You would have to live in it as your primary for at least a year if you assume the loan.

My long term tenant (a family friend) is moving out and I am concerned how to make sure I pre-screen future tenants effectively without violating any laws. background: this property used to be my primary home and had a very informal agreement with a family friend to rent from me in the mean time.

Convert the Property to a Primary Residence: If you live in the property for at least two of the five years before selling, you may qualify for the primary residence exclusion, which allows you to exclude up to $250,000 of capital gains ($500,000 for married couples) from taxation.4.

Your lender is correct—FHA loans can’t be used under an LLC since they’re for individuals purchasing primary residences.

Quote from @Erol Shashaty: Hi Trevor,Thank you very much for your detailed explanation.