Can an office in a master bedroom be called a bedroom?

[Billy Bob]

I'm thinking about purchasing a different home to live in and putting down only 5%. I will have to pay PMI of about $500 per month. I could get a HELOC on one of my rentals for the other "15%" but then I would be paying about 6% interest on 100k. Within 90 days of buying I'm going to update my existing home and sell it. I will net about $150k cash on the sale. I could then put down another 15% on the new home I purchased and get rid of the PMI or I could purchase another small rental house for $150k. From that rental I would have income of about $1,100 per month (or more). Thoughts?