Tricky Lending Situation

[Luke Berry]

I house hacked my Primary Residence for $580,000.00 In January of 2021 ($3,000/month PITI, 548k Principal balance remaining). I originally thought that I could qualify for the loan by myself because my 3 roommates were paying me $675/month/person; however, I was unable to utilize that income for the debt to income calculations at the time. As a result, I had to bring my parents on as cosigners to not pass up a great deal.

Now that my roommates are getting ready to move out, I want to turn it into a STR & buy another primary residence (300-350k range) using 5% down. I quit my comfortable W-2 job in August to get into wholesaling which has already made me more than my old job did in a year, but I am now unable to refi my current residence or get a new mortgage because I'm self employed.

 I have about $100k liquid but would prefer to preserve as much as possible given how cheap debt is at the moment. How can I work around this in order to achieve my goals? 

- Keep my current residence as a STR (preferably on a low interest rate - currently 3%, 30 yr).

- Get my parents off of the cosign

- Buy another property using 5% down.

I am open to all ideas of how to get out of this tricky situation.