mortgage and financing

[Account Closed]

I am new to the biger pocket community and new to jumping into real estate. My wife and I are trying to expand our portofolio and get out of the rat race. We stumbled on our first investment out of necessity of me working in a different state than was currently living and it made more sense to buy than to rent. So we purchased a 3 bedroom town house and I live in master suite and rent the other 2 rooms out which pays the mortgage, hoa, and electric bills which is awesome and lead us to the real estate bug. We recently made an offer on a 4 bed 4 bath condo for a really great deal and was wondering how I should do the mortgage. The bank I have my mortgage with currently said I could get a 2nd mortgage and keep my existing if I plan on living in the condo. Which I could do and rent out the complete town house, but was wondering if saving the 2% interest was worth doing that? Also how would I claim rent as income? and if I claimed rent as income if I would have to turn townhouse into an investment property and refinance it? Im a lil lost in trying to get through paper work. Thanks for the help.