Senior has owned a duplex for 5+ years. It was rented out all that time. He is moving from a residence 40 miles away to make this his homestead. Driver’s license has been changed and all bills are in his name. He just moved in 12/2017 into the duplex. Am I going to need a seasoning period or can I proceed forward.
If he has sold his residence that is 40 miles away the case will be easier to support. If not, then occupancy will have to be very well supported by other means. The occupancy is the issue more than the seasoning. Is the duplex just one side or a 2 unit? Is he retaining SFR? What is mortgage on SFR?