Can you rent out a second home? I read something about you have to live there a minimum of 14 days or 10% of the total days you rent it out for, so if I live in it 36 days, can I rent it out the rest of the year?

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Where do you live? How does that work for people on a year long lease?

I can't bought it as a second home and there are conditions that I have to live in it. But I am looking up the IRS definition and seeing something like this 10% rule. Therefore looking to see if I'm interpreting that correctly.

Are you trying to work around tax rules, mortgage rules or HOA rules?

Mortgage

As far as the mortgage goes, you can rent out a second home. When you sign the note on a second home you are stating that you will occupy the property for 14 days per year I believe. So if you rent it out for the rest of the year that is not an issue.

Even if you were to do a full year lease you likely wouldn't run into any legal issues. Technically that isn't allowed if you financed it as a second home within the last year but I have never heard of a lender pursuing legal action on someone for renting out their second home. You may want to check with an attorney but I don't think you would have any problems.

I rent out of second home as an investment property. The mortgage was through our investment broker so it’s a relationship thing and they wouldn’t get upset about it.

The one currently being built which was qualified as a second home was through a local bank. They are also fine with me renting it out (short term vacation rental) as long as I manage it directly and not through a property management company.

Yes that’s key as far as I understand you need to “keep full control”, ie do not outsource to a property management company.

Usually the limitation on the mortgage only lasts one year. During that first year you are probably prohibited from renting it out at all. Read all the stuff you signed that came with the loan. It’s probably in some other attachment and not the main load doc.

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