Sell my spec home or move into it and rent my current home?

[Jacob Workman]

So, here’s my dilemma and my thoughts. I’m about halfway through building a spec home. Our initial plan was to sell it. Our targeted profits would be somewhere around 50k after all fees, loan closures, etc. Of course we would have to pay capital gain taxes on that. My wife’s thought was to keep it, move into, pull the equity out of it, and leave our current homes loan as it is. Our current home could rent for 1600 and by the time it was all said and done, we would be looking at around 250 in cash flow. This factors in what we would assume for the new payment. Should be about to pull around 25-30k of equity out of the new home. So on paper it looks like we could end the year with the same amount of cash on hand. However, both of us are self employed and this would effect our gross income. Figured I’d turn to BiggerPockets community and pick everyone’s brain. Thanks in advance.