Ok, makes sense on the truck, I only have 2 years left, so I'll just leave that alone. I do plan on putting my current home into an LLC for handling the rental. As far as the multi family property like a duplex or fourplex, if I had no kids, I would do this. However, I'm actually looking to upgrade my primary residence just a little, with my kids getting older, and now since Covid, I'm now working from home, I'm needing just a little more room than my current small 3br ranch. I've considered only slightly upgrading for now, to maybe a 3br with unfinished basement or 4br home, so I could have a dedicated office room and a little more space. If it's a home that could use some cosmetic updating, I could make the updates, then after a couple years of living in it I could then sell it and use the equity towards another rental property and an even better primary?
As far as with the cash out refi funds, with the new primary down payment, should I put down the minimum 3-5% or take more out to put down 20% to avoid PMI?
Also, besides the down payment on a new primary residence, should I take some additional out to try to do a cosmetic/minor house flip? Then using the funds from a house flip to then 1031 exchange it into another flip or to purchase another rental property? I would eventually like to get to where I have a couple rental properties and also work on minor flips occasionally as well?
