Most commercial loans are tied to an index like LIBOR or some sort of SWAP.Again depending on the property type, be careful of any loan covenants such as occupancy rates, minimum liquidity, etc.

Evictions in Texas dictate that occupants and belongings will be removed with the writ of possession. 

Occupancy Status (preferably a Rent Roll) Rehab Estimate (vacant or if tenant leaves) Market Value (based on sold comps) also known as ARV (After Repair Value) Current Manager Assignment Fee / Agent Commission Back Taxes / Liens / Mortgages Owner Financing Availability Closing Time Frame Photographs Leases and Tenant Ledgers

remember FHA will carry a PIM upwards of $200+ for the life of the loan (and 12 month occupancy req), make sure to add that in, or PMI if you don't put 20% down.

As far as I recall, if you both are occupants, you can appear on title together.

We would be owner occupants, first time home buyers with 20% down.

Well, first I'm not an attorney and second I'm in New York but, I believe that here it would depend on what the certificate of occupancy says about the building, not the zoning of the land it's on. 

FHA requires the borrowers to be owner-occupants.

Murphy exemption":http://www.hud.gov/offices/fheo/library/fhsymposiu...If you already have a lease in place with this specific tenant, explain that you are not going to allow additional occupants in that unit.

@Robert Hidrogo I agree with @Brian Gibbons  I have dealt with some HOA's that only allow owner/occupants and forbids lease options.