HUD Owner/Occupant Question

[jbibler]

Hey Everyone, I've been looking at a few HUD homes, but they are still up for auction under Owner/Occupant. I realize that this means that you would have to make it your residence?

Anyways, my question is... what are the terms/conditions?  ???
What I am thinking of doing is living there and getting a roomate to rent to.
What if I purchased the house under Owner/Occupant contract, but decided to sell or move later on?
How long do I have to hold residence there, a year?
What are the penalties or issues if they find out you're not living there?

Regards,
Josh