A few years later, I hired a local Wyoming attorney to create a living trust.

How do you finance the tear down do you add it to construction?

You need a place to live.

I make around $110k+ per year, live off around $75K, have a mortgage ($1900/mo for rent, escrow, tax), around $40K in equity, and no other debt. 

I should add it will be a short term rental property. 

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

Additional costs will creep in and costs seem to go up faster than rents, so I would sell and try to otherwise optimize the VA loan. 

Any additional will be refunded a few weeks after the auction. 

I've been in a co-living mastermind for a year, but I'm curious how you set your business up.

In addition, if this was originally an owner occupied house, there are often homestead exemptions where the first  $XX,XXX. of the value of the home aren't taxed.