Convert the Property to a Primary Residence: If you live in the property for at least two of the five years before selling, you may qualify for the primary residence exclusion, which allows you to exclude up to $250,000 of capital gains ($500,000 for married couples) from taxation.4.

Congrats - seeing a lot around a big bounce back in Joshua Tree right now, probably overheated up too much in 2020/2021, and then overcorrected in 2022/2023 maybe 1h 2024, now some nice opportunities again!

If family lives in the main home and friends stay for free in the garage, the property remains a primary residence, but there’s no rental income or tax benefits.

Since it was going to be my primary home, I used 5% down, conventional financing.How did you add value to the deal?

I have a primary residences that is in a great area that I’m looking to rent out within the next year or two. 

Do you take out a second mortgage on an Airbnb that you never wish to sell that’s almost paid off  or do you take out 100 grand against your primary residence.  

My primary residence, single family home and a large 7 bedroom duplex 

Most will be 30yr fixed, but you're still going to need 20%+ down and will be 1-2% over what you see quoted as "today's 30yr fixed mortgage rate", which is usually the ballpark for someone buying a primary with 20% down and 780 credit. 

My plan is to use my HELOC from my current primary residence as the down payment.

Or refinance for spending cash when it come time to retire.The advantage you have living locally is that you can buy a new primary residence every few years and keep the prior home for a rental.Good luck.