When buying a rental

[Zach Lehman]

When buying a rental is it required to live in that home personally for a year? I’ve done some research and I keep seeing yes’ and no’s.

[Lane Babb]

@Zach Lehman Again upvoting what david says, required by who? It depends on your loan. If you paid cash for it, no one tells you if you have to live in the property. 

If you get an FHA loan, I believe you are required to live in the property for at least 6 months or 1 year.

For other forms of financing, such as a loan from a hard money lender or another lender, they can actually require you NOT to live in the property. 

There is no fine if you do, but they simply will not loan to you if you state that you plan on living in the proerty.