Hi everyone, I am new here.
I currently own my own home which is 4 hours away from my aging parents.
I would like to purchase a home in my hometown with intentions of moving into it
in the future to be near my parents and take care of them.
The home I am looking at has a small apartment attached to the back. I would like to rent
out the main part of the home, and stay in the apartment myself when I visit my parents, which is
usually every weekend.
My question is how do I go about buying this home :
do I buy it as a rental property with owner occupied in a unit ?
do I buy it using a conventional loan in my name, then just rent out the front of the home?
do I buy it using a conventional loan in an LLC, then just rent out the front of the home?
I also have an issue with the down payment. with FHA , I can use 3.5% down, with owner occupied in one unit, but I believe it has to be 50% occupied in which weekend visits would not qualify. ??
I really don't want this home to slip by because it is just what I need for my circumstances.
I am not really looking to make a profit. Any advice is appreciated, thanks.