I realize that in the state of NY this may be a tall order, but since you will be there for the majority of the year and only leave to visit you home town occasionally, there should be no issues with the terms.

When looking at the market there, I realized that there are house movers in the Houston area that will see you houses that need repair for pennies on the dollar.

I realize that this is a done deal now- but when you buy a property with leases in place then you are legally obliged to honor those leases.

I realize you can make money at any level but we're looking to stay where we're comfortable for right now.-- Good condition. 

Then one day they realize that the roof needs to be replaced ($6000), the HVAC needs to be replaced ($5000), the hot water heater needs to be replaced ($800), the siding needs repairs ($1000), etc.  

Can your existing net cashflow plus the savings realized from a lower interest rate afford another $50K or so in debt?

So I realize that perhaps an s-corp isn't worth setting up for to maximize profit for one property, but if it comes out as slightly beneficial in terms of cost, then it will be worth it for me that I'm setting up an infrastructure for the long-view.

I just realized today was the day!

Mark and others,Thank you for making me realize the seriousness of the owner occupancy clause.

I realize that you did not intentionally create an agreement in your favor, but I'd not want to be standing in front of a judge on that one.