Zillow Advice: Home Selling - Need advise about first home when second home is under construction http://www.zillow.com/advice-thread/Need-advise-about-first-home-when-second-home-is-under-construction/468456/ Zillow Advice | Zillow Real Estate 1. Lease to owns can be attractive ... http://www.zillow.com/advice-thread/Need-advise-about-first-home-when-second-home-is-under-construction/468456/ 1. Lease to owns can be attractive to some people, so you can offer it up if you like...but it is a "scary" thing for most tenants. &nbsp;If all you want is cash-flow I would rent it out, and after the tenant moves in, pays rent on time for a year or so, you could verbally mention you would entertain the idea of doing a rent-to-own if THEY want to pursue that. &nbsp;This is how I would go about it, personally.<br/><br/>2. From what I have seen in my short-sale dealings the seller usually needed a genuine hardship to move forward with the short sale in MOST cases. &nbsp;In all but one of my short sales they asked for tax returns, bank statements, etc to verify it as well. For your tax question, consult your tax professional--I would consult a CPA if you don't already use one.<br/><br/>3. Most loan mod scenarios I have encountered were all owner-occupied, and they were a requirement as well...but again, perhaps there are exceptions that I haven't run into because that scenario hasn't landed on my desk yet. Loan mods also typically require a hardship as well.<br/><br/>Sorry I couldn't be more useful, but I hope there is some value in what I've written for you. &nbsp;Also one more thing, your success with your short sale will also depend on what kind of loan product you have on the asset now...if you had an FHA loan...jeeze, just be ready to be frustrated...also kiss your chance at ever getting another FHA loan goodbye as things stand today. &nbsp;<br/><br/>Best wishes from So-Cal and good luck Wed, 14 Nov 2012 06:49:00 GMT http://www.zillow.com/advice-thread/Need-advise-about-first-home-when-second-home-is-under-construction/468456/ 2012-11-14T06:49:00Z