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.

You become the agent of the principal granting the POA and you must act in thier best interest.In RE transactions a Special Power of Attorney is used, it is the document that appoints you to act and to do certain things, for a stated and described property and the document is filed in the land records of the jurisdiction where the property is located.

You will be in for 28/29 months in order for him to pay the $15k down in principal to get under.

It cannot take action against an unlicensed individual who may be an owner or builder acting as a principal on his or her own property.The public and all licensees/appraisers should understand the following facts regarding Commission/Board investigations: When the Commission/Board initiates an investigation no one should make the inference that the Commission/Board believes a violation of the law has occurred or is charging anyone with a violation of the law.