Updated almost 6 years ago on . Most recent reply
Single Family vs. Commercial
I am new to investing in real estate and I need help clarifying a property I am looking at for purchasing as an investment. On the listing it says it is being sold as a single family residence. It also states that it is an "income residential" property.
The thing is that this property is 3.3 acres and contains 8 different buildings. Most are small rental units 300-600 sq ft with one larger house. They are all stand alone units on one property. My goal would be to purchase the property as a primary residence. Live there and be the landlord for the other rental buildings on the property. So my question is, can this property be sold as a single family residence or would it have to be commercial? Would I be able to get a primary residence loan on this property though it has 8 separate rental units?
Any insight or information would help me greatly. Thanks