BRRR refi after living in property for one year?
Interested if anyone has a view on how a conventional lender would view the following scenario:
A family member is looking to purchase a long term investment property where I would live for a year while my own primary residence is under construction. The property needs a good bit of renovation work before and during when we live there. Purchase price and renovation work would be paid for in cash (no debt).
When we move in, we would pay this family member a FMV rent under an executed lease.
Would a conventional lender accept this lease as part of the "seasoning" period for the BRRR, or would we need to truly find a 3rd party tenant after we move out prior to refinancing the property conventionally?