When you refi, you will need those cancelled checks made for payments, the lender will need both sides of the check showing the date deposited,since you don't need a servicer for this loan.BTW, this loan is exempt from lending regulations as being between immediate family members.Follow this!

Jaxi, RE is highly regulated and tied into a variety of legal issues with lending, marketing, title transfers, settlements, taxes and other applicable laws.

I know FHA has more regulations than conventional and that you have to sign a form that the property will be owner occupied within 60 day (at least that's what my FHA loan doc said).

There are so many regulations that you may not be aware of.

I'll look into the regulations before I make any moves, not trying to get stuck in something I'll regret or deal with legal consequences....

As I recall, the management percentage was a great deal higher for the three condos in Park city and much more regulated.

., and can even involved Federal regulations.

So new that the regulations for how it can be done have not been released.

That is bad for banking.Translated, the regulations would end up being at political whims, tough under one party and eased to the extent of chaos at the other end.

RE is highly regulated so how things are done and what is customary in your area is the first thing to learn.