The impact on w-2 happens if you're contributing to an employee sponsored 401k plan with that employer.  

if you think there is more equity there you could have an appraisal done… but some lenders will not re-evaluate a recent purchase for a set period of time… they will just stick with the old purchase price as its value (varies by lender) unless you can show significant improvements you did to justify a higher price. 

For example, the areas economically influenced by NYC commuters: Westchester, Rockland, Dutchess, Putnam behave very differently than areas influenced by NY State employees from Albany, or farmers from (not sure?).

For background information, I'm a W-2 contract employee who makes 80k+ a year and I have been working at this job since January of this year.

A friend of mine owns a brewery in Cisco and they have issues with finding employees and there just isn't much out there outside of ranch land.

For background information, I'm a W-2 contract employee who makes 80k+ a year and I have been working at this job since January of this year.

It also requires the ability to evaluate the party on the other side of the transaction, making judgements that go far beyond credit score or balance sheets.  

They are paid per closing, whereas a retail loan officer IS A 9-5 employee most of the time. 

The intent is the sponsor needs to know enough about investor to feel comfortable the investor has the financial knowledge and acumen to properly evaluate the potential risks and benefits of any investment and the financial stability to invest capital for a 5 to 7 year period.Topics of discussion with sponsor would be:Income, credit, job stability, prior investment experience either with real estate or other asset types, education level, occupation and profession, amount of savings or funds in retirement accounts.Hope this helps.

Make sure you consult an accountant that understands current real estate tax law to evaluate the consequences of both scenarios.Everything else Jaron said is 100% accurate and this decision depends on what kind of investor you want to be.