Rates are starting to drop fairly fast and for primary homes they are already down 1.25% from earlier this year. 

I am in NY state now, in my small cottage that is my primary residence, and I rent for summer season.

You clearly don't know what your doing and should NOT, by the rules and codes of NAR, be a primary listing agent on anything right now.

My primary residence is currently being remodeled- new kitchen and bathrooms.

Even if your rate is in the 3's or 4's you can still get a rate in the 5's right now for a primary home and take out up to 85% LTV. 

Here we are 8 years later and the only home I own is my primary residence.

I would nonetheless be the contact person and primary decision maker with property management and my brother would be largely silent as per his preference.

This city is just starting to expand with lot more newer builds coming soon and also closer to my primary home .

I am getting conflicting offer of home owner insurance by one broker and State Farm agent telling me home owner insurance is for primary residence, not for rental property. 

Couple things I wish someone told me when I rented out my primary in Katy:- your taxes will go up dramatically over time - cash flow is inconsistent- while Katy is a fantastic rental market it's still competitiveTo answer your questions: - yes, the homestead exemption will increase your taxes at a faster rate but you can protest them either yourself (I don't recommend as I've tried and it was a pain) or with a professional service- To start, you're either going to pay for books, classes, etc. or pay the school of hard knocks.