You buy a multi-unit property, live in one unit, and rent out the others.

We own and manage several multi unit properties. 

Asking is $200K, my relative (buyer) looking to put 20% down.He is pre-approved for the amount, lender has prepared both a conventional loan and a mass housing loan option for first time buyers.Would be purchasing as an owner occupied "primary residence", rates are decent under both options.Condo is currently rented, tenant lease expires the end of August - roughly 4 months.Lender says both loan programs require buyer to occupy the unit within 60 days, to qualify for first time buyer deals.Is there a way to get them to extend this to 120 days (4 months) until the tenant lease is up?

Having never done one of these, can I get some feedback on how we structured the option and pose some questions:-Option price would be $263k (listed at 260)-3-year option. 

All have free options to post your property.

I see you are in Orlando, so I imagine your options are Spectrum and maybe FiosI usually go with 300 or 400 mbps depending on options and price (changes all the time). 

Credit unions and low downpayment options preferred.

One of the biggest STR insurance companies in this area is Fudge Insurance , and they always have had the option for my clients.  

Where do u look for LTR options and deals ?

With today's interest rate, this may be a viable option, compared to buying physical RE.