Keeps you on your toes offering better, cleaner product & services to your residents.

My wife and I are currently living in Houston about 9 months of the year, and are thinking about making it our full time residence.

Munis like Berkeley and LA have rent control laws that include tenancy termination when the landlord or their family intends to use a unit as their primary residence.

We do have a primary residency nearby, which has been fully paid off.

My wife bought it as her primary residence in 2004. we got married, she moved in w/ me & house was underwater. didn't want to affect her credit & we wanted to buy another house so resorted to renting out. no $ down really hurts but what can you do?

Generally, I'd say about 75% of these tenants last at least a year as paying residents.

Even OJ Simpson, who visited my next-door neighbors home and replicated their rock pool, had his former residence dozed and leveled and a new structure built in its place (although no one is alleged to have died there).

My understanding is that if you truly sell, even with an installment sale, it would qualify for the primary residence exclusion.

If you purchase a 4-unit and reside in one of the units, you can qualify for super low FHA financing (3.25% for 30 yrs, with just 3.5% down payment), the other three tenants will probably enable you to live for free (in fact, some FHA lenders limit the max loan amount such that 75-90% of the rental income covers the property's PITI), and you will get some great experience.Since you're renting currently and are a good borrowing candidate, this is an ideal way to go.

Real estate and planes, boats.This is of course different if the property converts to residence too soon.