Posted by chris on December 01, 2000 at 02:40:08:
Are you sure you don’t mean purchasing an owner-occupied with intent of reselling or renting out? Plan on at least a year as owner occupied if doing that before you turn it into an investment prop.
If you have investment property you will have a tax hit unless you exchange it or it is held in a self-directed IRA. If it’s a primary residence you can take advantage of the capital gains relief. You will find detail at www.irs.gov on this($250K/$500K rules).
If you head over to www.hud.gov you will find detail.
If buying investment HUD/VA property you can do what you want after you get title so you don’t need to own it for a certain length of time. The big thing is if you buy a property telling the govt that you will be living in it when your intent is to use it for investment purposes. You will sign documentation stating that you will not do this and that you plan on living in the property. One possibility for you would be to buy a duplex or four unit where you could live in it and also have the other units pay the bills.