LOL... the stories change and the names change to protect the guilty.

Owner pays utilities now, however it has 5 meters, and I would change that, generating a possible 7k increase yearly in income. 

If I own a primary home (State A) and then buy a second home (State B) as vacation home - thousands of mile away - and eventually move to vacation home due to my job change - is it possible to covert the primary home to vacation home (refinance to get lower rate - but that won't work because primary home already got the lowest rate?)

If it appears vacant, I will go inside to evaluate damage, take pictures, change locks, ect.

Absolute time saver when changing out outlets and electric fixtures.

I understand he has no income, but if that were to change, and he provided a LOX (Letter of Explanation), you would be surprised what lenders can forgive, especially when there is SO much equity in the property, and it's an owner occ. 

I've attended the 3 day conference, quite a few years back now, but I'm assuming the content hasn't changed drastically.

Never add or change a lease without your lawyer's input.

Revocable means you can make changes to the trust after it has been established, irrevocable you cannot.

In your example, it's a complete change in the buyer, so I'd be willing to bet that the bank is going to take issue with it.