Absent the DTI "immediate credit" he may not qualify for a new loan for the size of home he seeks inside of the 9-12 months after he sells.

These days the hardest part for me is finding & keeping qualified contractors for the work that always needs to be done.

Also find a good lender that is well versed in STR/MTR loans to make sure you qualify for financing (if you need it) and that they can execute the loan smoothly

My thoughts would be to discuss it first with the township, then have a qualified investment savvy realtor tour the home, get you a CMA on the current property and ARV to compare.

No qualifying and the ability to use your money to purchase something else?

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

Similarly, the sale ($575K) minus your adjusted basis determines your capital gain.You may qualify for the primary residence exclusion (up to $250K single/$500K married) if you lived there 2 of the last 5 years.

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

When Trying to qualify for a traditional loan, lenders usually price your purchasing power at 3x your net income.

The borrower will need to be exceptionally qualified and have significant reserves (particularly for a jumbo or super jumbo loans of $1-2-5M++) Historically borrowers could qualify with 10-20% reserves of the amount financed, that could jump to 100%+ without significant state and federal intervention.