2nd Home as Primary Residence-Chicago Suburbs

[Daniel McCauley]

Hello! I recently posted a similar question in a different area of the forum, but I thought it might be appropriate here as well. My wife and I are looking to purchase a second home and use it as our family's primary residence. We could just put our current home on the market and sell it, but my brother and his family would like to rent it from us. My wife and I thought this may be a great option, but we are clueless how to go about doing it. Do we just talk with a lender and try to get a second mortgage? Do we need the usual 20% down payment on our new home even if it is going to be our primary home? Do we need cash reserves for either or both of the homes? We have both had decent careers for quite a while, but we definitely don't have stacks of cash laying around, especially with 3 kids under 5! Any and all information and/or suggestions are welcome! Thank you! Dan