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@Jonathan Rivera, I'm not too familiar with NJ but what I do know is that it has very distinct regions.

I see the IRS regs about rental activities being defined as passive, but I don't see anything about a lower rate.I just see that this "passive activity" distinction subjects us to "passive activity loss rules", which limit our ability to offset other types of income with net passive losses.But even that limitation is negated for us because we fall into the "active participation" exception, so we can offset our regular earned taxable income dollar-for-dollar with losses from our rental (if I understand the regs correctly).

This is why I like treating each part -- investment and primary residence -- as a distinct purchase even if there's only one closing and one contract. 

There is a distinction between a builder and a developer.

Every area will have its own distinction....like NY/Boston/Chicago etc there may be A properties that are 100+ years old and there may also be brand new to market assets.

But before you rush your decision, you need to realize one critical distinction: treating this transaction as a business allows you to deduct all business expenses against this income.

This can have distinct advantages.

I put bait stations like this: https://www.amazon.com/Mouse-Stations-Scented-Outdoor-Indoor... and fill them with bait like this: https://www.amazon.com/Tomcat-All-Weather-Bait-Chunx/dp/B000...As long as I keep the bait stations full, the mice never go inside the house.

But the distinction is that single source funding is what is illegal and that transactional funding is legal.