Certain vehicles offer more protection than others when it comes to bankruptcy proceedings and ringfencing assets from creditors.A good CPA should be able to effectively advise on the tax and legal implications of each vehicle.

You would likely use the proceeds to pay off the HML, leaving you with a new mortgage (which you paid to get) and a HELOC payment (and possibly a residual balance with the HML). 

I was able to take the some net out of the proceeds of selling our house, to invest in my first single family home.

I'm going through a divorce a determining whether I want to buy my spouse out of our primary home or sell it and split the proceeds.

A 1031 exchange is a tax-savings strategy that allows investors to postpone paying capital gains taxes upon the sale of an investment property by reinvesting the proceeds through the purchase of another property (i.e. a like-kind exchange).

I will proceed in commercial forum category if I have more questions or follow up.

I'd appreciate anyone else's experience in this and rec. on how to proceed forward.

Any advice for how to proceed?

We can put the net proceeds in a savings account and use that towards our dream vacation."

However, they won't wait for me to sell my current home to use as a down payment on the second home.If I use the cash I've saved as the down payment on my new primary residence, can I take the proceeds from selling my current home and apply them to new construction or a mortgage on an investment property?