First post here,
Looking to buy my first duplex. 60k duplex in need of work. Problem I am running into is the FHA 203k loan requires that the renovations be completed within 6 months of purchase and the duplex I am looking at is 100% tenant occupied with tenants signed to leases past the 6 months. Is there any way to work around this or any other loan possibilities I can look at?
short of paying the tenants to get out, I don't think so.
Spoke to a friend who does 203k loans pretty regularly, and he said they're handled on a case-by-case basis. With established, written leases, they can usually get the underwriter to extend the deadline for work to begin after the lease expires. Again, not a blanket rule of thumb, but something to look into.