It does not survive the sale.Anyone residing in the property is the responsibility of the new owner.

Unless you can get in a residence and slowly rehab it--sell it in two years and make a tax free gain I'm not convinced this plan is doable.

I've seen some that looked OK, but OK isn't where I want to be in my residence, flips or rentals.

There are also resident agent fees, etc.

For non-residents, lenders usually would only go up to 65% (ie 35% downpayment), but sometimes they do make exceptions if the client's profile and the property are great (i've seen them giving 80% to non-residents).I'm not sure about the tax.

To answer you Jon,This is my first project, so YES I am learning as I go.No this is not my primary resident, and I got into this for a flip.

At the peak of the bubble, these townhomes were going for maybe $220k, so it's already come down $30-40k.With that in mind, I was thinking of selling our place and maybe renting for a little while and ride out further downward price movement, and eventually find a single family home at a great price for our primary residence, which is what we've been wanting to do for a while (maybe an REO or pre-foreclosure).I was thinking that since I have a ton of equity in my place, I can be pretty flexible.

It does not work for most of the investors I deal with, but if the property is being bought as a residence, its not a big deal.

I'm 23 years old, residing in Toronto, graduating in April, and have intentions of being a property investor with a good friend of mine.

Hello Everyone, My name is James and I reside in the NYC area and I am trying to look for a real estate agent to add to my team.