I did a cash out refi on my principal residence at a much lower rate and paid it off.Now I plan on using the equity for more purchases.What? 

Quote from @Michael Navales: Quote from @Budhavarapu Ranga: Hi,Me and my friend OOS have bought a new single family home in Buda TX as a rental investment.

I was interested in this type of deal because I was living in the area for another year and needed to build equity as well as dip my feet into the real estate market.

Hi Lane,My company is a direct lender and we specialize in lending/loans on vacant land.  

When I tried to have my malfunctioning one fixed.

I am a long-term investor, but I also provide services to long-term investors, so my advice is biased toward that option.  

I intend to get a single family residence, add an ADU, live myself in the residence and rent out the ADU as a studio apartment long term.I have checked my city's ADU laws and long term renting is permitted.Question : can I obtain the REP status while maintaining the ADU while it is in my primary residence?

In terms of development and flipping my friend does a lot of this and does good in the million dollar range but he uses OPM for these larger projects.

@Sean Dillon I am also from Long Island and house hacked 2 of my 3 rentals there before I moved.

I will try to do the same in my response.