New to REI and looking for advice

[Greg Thomas]

Hi all,

I am a new investor and looking for advice. My son will be going to grad school for Physical Therapy in the fall in Coral Gables, FL and we want to buy a home for him and his girlfriend to live in. Miami is SO expensive, but will probably look north of Miami in the Davie/Miramar/Pembroke Pines areas. We currently own our own home free and clear (worth $650K) and will do a cash out refinance to pull out 20% for the down payment.

We want to purchase the home and rent back to them and hopefully sell (or keep as a rental) in 3 years when school is done. 

I am self-employed and wondering do I purchase the home in Florida as an investment property - or a 2nd home? Are there advantages to either?

Thanks in advance.

Greg

[Greg Thomas]

Thanks @Bryan Escudero. I hadn't thought about a multi-family property. Will need to look into that!