THIS PARAGRAPH SHALL PERMIT RECOVERY OF ONLY ONE HOUSING ACCOMMODATION AND SHALL NOT APPLY TO A HOUSING ACCOMMODATION OCCUPIED BY A TENANT WHO IS SIXTY-TWO YEARS OF AGE OR OLDER OR WHO IS A DISABLED PERSON;"  So you can evict one tenant to allow a family member to live in the property. 

@Erinn, you'll have to occupy the residence if you're going to use the FHA.

But other times I find tenant occupied properties that I could just by and let add up over time.

Not sure if you have to actually occupy the home for 1 year of if you just can't get 2 loans in one year.

In 2022, planning to convert to LTR when we become empty-nesters, b/c wifey wants to wait until then to move for a new owner-occupy investment.

Is it owner-occupied or rented out?

I’m being told generally it’s worth 500k Rents are 1800 in occupied unit.

.$600k SFH purchase price (decent 3br/2ba with pool in walkable area)25% down 4.5% non-owner occupied loan rate = around $3000/mo PITI allinlet's say you can do 1% rule on $600000 place is $6000/mo in gross rents which would be awesome for PS ($72k a year, way above avg)$6000/mo * 30% PM fee = $1800 fees = $4200 left net to you Add in for STR you pay all the utilities - power, pool, gas, heater, AC (summer in PS baby!)

The unit is fully occupied receiving at-market rents.But after all that and debt service, the cash flow is on $85.How would you justify this situation to someone who is skeptical about entering the real estate rental market?

They are commonly placed or used on an owner occupied house, but rather unusual on an investment property.