Not living in what is supposed to be an owner occupied property
I'm interested in acquiring a small multifamily property (3-4 units) but I don't necessarily want to live in it because of the area (not a bad area... but I have a 1 year old daughter and don't want to move away from the grand parents). Having to come up with the larger down payment for a conventional commercial loan could prove to be a challenge but it is doable.
I'm approved for a 5% down payment (owner occupied) loan. My question is... has anyone here ever done purchased a property but not lived in it even though it is supposed to be your primary? And the unit that is supposed to be for you, the owner, leasing it and while leaving your name registered at that address.
Has anyone ever done this? Can I get caught? If so, what type of trouble can I get into?