Hey @Brad Birky - your CPA could probably advise you best in this scenario but my understanding is that if it was bought as a primary residence you can get the tax writeoffs from the portion that you weren't occupying.

I will take the time to understand what kind of home you are looking for and works hard to ensure your specific needs and desires are met.At the end of the day it is all about the smile on the faces of my clients not the sale.I’m proud to be the real estate agent of choice for those who want a great experience buying or selling a home.

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They will understanding all of the rules and regulations in what is needed to make it legal.

Can someone guide me through this process and help me understand what’s going on here?

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I would highly recommend full background checks and ensure you understand the tenant/landlord laws in regards to approving and denying applications.  

@K S.You just said they make money by lending at 7.5-8% and they don’t have to deal with tenantsThat’s how they make moneyI don’t understand your question.

He also said that those that understand this, would be living off of those that don't.

Happy to point you in the right direction, I've worked with different types of lenders and you just have to find someone that understands your scenario.