If you have 2 mortgages then you'll have to subtract the 2nd mortgage or HELOC/line of credit as well to arrive at your net rental calculation upon moving out.Once you've done the above you can be ready to purchase the new property and will have freed up all of your purchasing or borrowing power based on your 150k/yr income.Hope that helps.

Why go for 3 when you could get even more creative to arrive at 4?

1 - Don't buy a rental property based on a budget, unless that budget is based on the calculated cash flow and/or profit you can make, as long as the analysis done to arrive at those "calculations" were done with real numbers and not estimates.2 - Don't make any sacrifices on a property you want to turn into a rental if the sacrifice you make will be a sacrifice to the renter.3 - Don't take the attitude of "just getting into the market". 

When I arrived here I used my VA loan to purchase a duplex that I have been househacking since.

When I arrived here I used my VA loan to purchase a duplex that I have been househacking since.

When I arrived here I used my VA loan to purchase a duplex that I have been househacking since.

If it's relevant, I need to hold the relinquished property until 5/28 and my last paycheck arrives 6/14.

On the day our fire marshal was to arrive to initiate our  final inspection, he called and asked what specifically were we planning to do with the property.

Can someone tell me how me how BP arrived at a 979% COC ROI for this deal? 

Our oceanfront breezes don't arrive until December......lol