To buy a rental or a primary residence, that is the question...

[Sam Tanner]

Hey everyone, I am brand new here!

My fiancé and I are looking at purchasing our first home. I've spent the last few months researching properties and working with various banks and credit unions to see what kind of mortgage we qualify for. We've looked at properties in Washington, Oregon, California, and Hawai'i (hot markets, I know, but this is where we are from and where our families are) and we've settled on central Oregon/Bend. 

In general, I am wondering if we should be looking to purchase a primary residence, a rental unit, a primary residence plus a renovation/RenoFi loan for an ADU buildout, or maybe even a multi-family where we occupy one of the units and rent the other(s). I know this question pops up quite a bit on here and I have read through quite a few of your thoughtful responses. I figured it bears repeating given inflation, rising interest rates, and current blast-off of the market, especially in the locations we are looking in.

A bit about us that may be somewhat helpful:

• We are first-time homebuyers with no debt to our names (thankfully!)

• We both have low 6-figures incomes or close to it

• We have adequate savings for a down deposit and we have family who have offered to help as well

• We are fairly frugal: we have no interest in fancy cars or clothes, our idea of a great vacation is a backpacking trip, and a night out is usually for some beers at a brewery

Thank you in advance for any insights you all have, I am trying to be as much of a information sponge as possible!