While this isn't completely over at a time when I just had too much to think rationally so many of you stepped up to help an internet stranger.

@Tim Kaminski, Incomplete information to help you make a truly rational decision. 

You do have some non-qualified use since it was a personal residence after it was a rental.As there is some pro-ration invovled.

AS it builds up, it's doing so at a ration of $1/$1 of appreciation. 

Debt to Income Ration (DTI): This calculation takes your debts (i.e. car, credit cards, personal, college loans, etc) and adds the possible mortgage payment and divides it by your total verified income.

Syrios he knows all aspects.. but so many on BP simply dont and its all blue sky until it is not  :)   They're not prepared to control the risks, and they rationalize their deals...then can't figure out why they ran into problems. 

I don't intend to over leverage myself in this market, yet I'm hopeful some veterans can chip in their two cents on the current market (it doesn't have to be in Indy) and and tell me if I'm being rational given the figures provided. 

I very much appreciate the rational feedback.

Lucky for them, there are more idiots out there than rational people.

Being able to make calm, rational decisions without being forced to liquidate can save your fortune, you marriage, and possibly your life.