Quick question about re-financing
OK, I can't seem to use the search function today, or the answer is just too vague... Here's my dilemma: underpriced condo in rapidly progressing neighborhood of very desirable city. No rent cap, so no conventional loan, BUT I actually want it as my summer home. ( 4 months a year ) owner is in a bind and wants to cut losses, I'd give my left arm for the condo, just don't have the cash (126k ) and don't want to flip it. It's definitely a buy-and-hold cash flowing property.
Question: once I own this property, will a bank allow me some kind of re-financing to get out of a HML within 4-6 months? Or does it's status as an income condo mean a bank will never touch it?
If I'm renting it out 8 months of the year, and living in it 4 months, does that put it in a different classification?
I need to know how to make this work, it's just too perfect to let go of.