Gaining both advantages in taxes and in capital gains (if you’ve occupied the property for 2 of the last 5 years). 

I’ve also read that if there’s a “specific” event and date in the future that would allow you to occupy the property after 60 days, that the lender would consider it.

Shahzad,Depends on the lender/program Freddie has more than one optionss but it can be used if its a true rental and your not occupying any units they will only use 75% of the rental income. 

You need to occupy it/ own it fora  total of 730 days( 365x2) (does not need to be consecutive) within the most recent 1,825 (365x5) days It's literally broken down to the day- so if you live in it for 730 daysThen rent it for 2,000 days You will no longer qualify for the exclusion.

Sale price: $163,500 "Henry I" - 3 Unit, Grand Rapids, MI Brrr#1, July, 2015Purchase price and type: $163,500, 3.5% downLoan Product: 3.5% down, FHA Loan ($5,800)Monthly PITI: About $1100/moRehab: 45-55kRehab length: 2-3 yearsRent: $1050/month (beginning total for 2 occupied units)2018 Refi: streamline FHA cash out, or something like that.

I’ve been fully occupied the last two months and I’m amazed looking back at how much time and money I had been spending on little things to finish and fill a unit.

I bought my first property this year - a SFH in front (where I owner-occupy for now but plan to rent out in 1-2 years) and two ADUs in the back (which I rent out).

Any opinions on when a new construction might be our best play for our next home we owner occupy and plan to rent?

If you are buying a performer, then I’d think the focus should primarily be on whether they are performing.Some states make it easier to go after work non-owner occupied.

I haven't dealt with a tenant occupied property before and I really don't want to maybe lose this deal for not knowing how to go about this.