Account Closed as mentioned above you will pledge, and sign documentation that you will occupy a property within 60 days of the loan closing and that your intent is to live in that property for 1 year with an FHA loan.  

Thanks, her intention is to sell it fairly quickly. 

There are probably exclusions for intentional damage by the policyholder, but I’d imagine that’s rather rare. 

I am not sure if the step-up basis was your intention here.

The intent is to home hack my first deal with a 5 or 6 bedroom single family and rent out the other rooms to college students and or medical professionals.

My intention is to buy & hold the  property.

We had full intentions to make it more formal but the deal happened really fast.

Here are the details; My intention was to BRRRR however I ended up with conventional financing and just wondering if it will still make sense due to closing costs?

It looks like his intention was to purchase only if he found a buyer. 

@Jassen Bowman That sounds good, but my intention is to move in a multi-family home with the intent of using tenants rent to pay off my mortgage and expenses which is the main purpose of house hacking.