The key is him living in it even if he buys it as commercial or in a company name his living in it will carry more weight in that determination.I get it that people want to be their own attorney, they might save $300 for a quick consultation, absolutely not a good idea when seller financing.Giving an option is not conveying any rights in title, you do convey an equitable interest up to the amount taken for the option price, you have control of the property to lease or leave it empty, whatever.

There are other forums about cleaning up credit that go into this in great detail.https://www.google.com/#q=pfd+credit&safe=off Getting these things deleted would greatly increase ones chance of getting loans, and getting them at a better rate.

Technically it could happen......but its an extreme long shot chance that it would ever actually happen.

The deed will not transfer so technically I don't own the building but have equitable rights to it, similar to an installment land contract.

If I'm not mistaken, after June 2013 FHA PMI will stay with with you for the life of an FHA loan.1) When you go to refinance the chances of you getting a better conventional rate on a multi-family property will most likely not be possible.2) In order to refi into a conventional loan you will need at least a 20% equity stake in a multi family residence.There are a few other considerations but I think you get the gist of it, refying out of an FHA is not the easiest thing to do.

There is a good chance to rent as my neighborhood is near a private university and there are other rentals in my neighborhood but the going rents will not fully cover my mortgage, taxes, insurance; not to mention the HOA fees, lawn service, regular maintenance.

I'm thinking of getting my real estate license as part of my learning, but I also want to get started soon so I don't lost my momentum.I'm glad for the chance to interact with folks on BP and I'm eager to find a way to contribute as well.Thanks for reading!

You would run a high chance of being sued by your clients as it would violate your fiduciary responsibility to them.

I am inclined to charge a nominal for additional rent to add a party but if they push back, you may have to let it go.Screening new party is non-negotiable.If you want to keep them, this might be a good chance to get them to sign for another year and just let the bad apple out.

That's an easy way to start paying for fees before you actually have a chance to find a deal and move forward.I'm available if you'd like to chat further.