Hi, it is homestead until this point because I lived in it but moving out next month and ideally looking to rent it out. 

If you’re going conventional on a second home, you might want to consider putting even more down and make sure that your debt to income ratio is <41%, and credit at or above 780, ideally, as the GSE’s just made changes to the Loan Level Pricing Adjustment (LLPA) just got even more expensive effective 05.01.2023 but most lenders will either incorporate this into their pricing or will then. 

In theory I can assume I both mortgages without refinancing which would be ideal.

You get to live in your ideal location with 5 star amenities! 

Ko,Ideally 30 yr.  80% LTV.

Ideally if we played the cards right we would have option to take some of the init you do  Equity out after adding value.Thanks for the help!

Since the project is self-funded, both by choice and necessity, the ideal time frame for the whole process (locating the property, inspecting and buying it, renovating it and selling it) would be 6 months, give or take a month.

DSCR loans are ideal for purchase or refi rental property loans when you don't want to do an income based loan.

Is there anything I can do to ideally get them to not list the house and sell to me, I’m assuming there might not be many options, especially since the sister and I had agreed on a price that was below market value given I was planning to invest money to remodel the home and was planning to honor his wishes of not having the home knocked down to make a townhome or new home.

If you were going to do something cool with that floor space like make space for weights, yoga, meditation or something of that nature it could be a good use and a reason to then go with a daybed, but you'd need to know that that is something your ideal guest avatar is looking for.