If you qualify for a conventional loan that requires you to live in the property for a year, how would they find out if you do not go by the guidelines and rent it out?

@Daniel Boyt  Fannie Mae guidelines allow for refinancing and taking cash out within 6 months of being on title - the lender you are talking to may be a portfolio lender with their own guidelines, or have overlays (stricter guidelines over and above agency guidelines).You may want to talk to a local broker - they will have access to a wider variety of lenders offering conventional loans without overlays.

You will be subject to Minnesota laws, which it sounds like you're familiar with, and rental guidelines which may be different than the DMV area.

However, there shouldn't be an additional seasoning period required after transferring it to your name unless your lender has an overlay.The following was copied from Fannie Mae guidelines for cash out:If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrower’s six month ownership requirement.

A person assigning a contract isn't the owner of record.They also have guidelines about determining if a property is just being flipped for profit without any documentation that the property was properly appraised or evidence of being renovated.

I recommend occupancy limits based on HUD guidelines, state and city limits.

Depending on the valuation and investor guidelines would determine what the minimum NET and/or purchase price may be acceptable. 

The underwriting guidelines are different than owner occupied. 

Using the fed poverty guidelines, CA is not very close to the highest poverty state (but is worse than the average state - in the 30s).There are many people with jobs that cannot afford housing in CA. 

You dont have to follow this strict guideline like you do at your W2.