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Updated over 5 years ago,
Newbie house hack advice
Hi, I have a unique situation and would appreciate some advice.
I have been renting a house in Idaho for the last two years with an option to buy house for 151k at anytime within the next three years.
My realtor thinks the house should sell for 230k.
My goal is to house hack with a duplex.
My questions are: 1. Can I somehow buy the house with no money down at 151k (I don’t have enough savings for down payment, closing costs, etc)
2. After buying it can I use equity to pay for a 1041 exchange into a duplex valued at 230k, thereby keeping my 151k morgage.
3. If not can I sell it with no capital gains tax because it was my primary residence for the last two years while renting (not owning). Then use the gains as a down payment on a duplex.
Appreciate any advice or ideas anyone may have.