Just finished refinancing my second home to snag a lower rate. There’s an new addendum to the mortgage document that modifies the residence requirement and allows for short term rentals, with a proviso that the rentals are individually managed by the owner, not by a management company.
So the industry is catching up to the homeowner STR business. This lender is carving out an exemption from an investment property classification. Interesting development.
This is distinct from the IRS classification of investment vs residence property.
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