My wife and I have found a great little multifamily home that will fit our financial situation perfectly. We want to use this as our primary residence both as a practical means and also to keep in line with FHA loan requirements. This is not just going to be an investment home. The catch. All three units are currently rented. 2 of the units have leases that expire in early 2014 and one of the units is a month to month lease. How do we, both ethically and legally, ask the month to month tenants to leave? If there are any delays, and we have to wait for the tenant to find suitable housing, could a loan based on us using the property as a primary residence be jeopardized?
The term property refers to things a person can own or possess. There are two types: real property (real estate) and personal property (everything else).
A home mortgage is a loan to buy a home, where the home is the collateral. There are many different types, and the right one for you depends on your situation.