203K Tenant Occupied Unit
Hi,
I am a relatively new investor, I haven't closed my first deal yet. I am looking in my area to purchase a property using the FHA 203K loan as I don't have a ton of cash for a down payment.
The issue that I am encountering is, the properties that I am interested in are 100% occupied and cash flowing pretty well. And I know the 203K requires an owner occupant. Are there any rules or requirements for this loan regarding occupied properties? Does a tenant have to be evicted? Would the property be deemed ineligible?
Can someone with some experience weigh in on this please? And thanks in advance (: