Here is a link to a thread going on now.

We had assumed that the tenant had paid rent to the previous seller for March and did not inquire regarding rent for that month (it was factored into the concessions we asked for and the ultimate purchase price).    

It's a lot more complicated than "this is always 5 year, that is always 15 year and those are always 27.5 year" since the determination is based on 6 factors meant to test permanence.

Hi BP Members,I am new to BP and have two objectives for sharing this calculation (view report link below)1.

@joelnobles being a co-signer on your sister's lease may factor into your debt to income ratio when qualifying for an FHA loan, This would be something to discuss with your mortgage broker.Best,Johnetta G.

Not sure what your credit score is though, so that may be the only factor.

@Andy RouschThere are so many factors involved, that it'd be tough to answer this question concretely.

The game rules change and start making real sense starting around 65+ units, depending on the usaulal factors of course (location, demographics, jobs, companies, amenities, etc.). 

View report*This link comes directly from our calculators, based on information input by the member who posted.

IMO if you chose #1 now you can always choose options #2 or #4 six months(maybe a year) down the road, pull all your 60K back out plus what ever appreciation you have(if any) and move forward. to me in option #3 you said paying interest bothers you and option 1 solves that problem, gives you practice with a new tenant so if they don't pay or u have problems you don't have 2 bills( your old mortgage and your new mortgage) to manage along with the stress(of kicking out your friend and finding a new tenant) just the one mortgage that your fiance already has within his budget(because your 60K didnt' factor into bank financing so you found a home to move to that was within his budget alone(even more safety net) or at least lower mortgage payment and house than if you had 60K to use to buy-down another home. but i digress....Option #1 is less stress , less interest payments,and less of your money with 2 options left over at a later date. like joe said your 60K is safely locked away in the home(minus depreciation) which you can always pull out later on when you are more risk-prove.Still your choice but that my point of view.Good luck!