Is this a cash out on a primary residence or rental property?

Initially we were set on purchasing a Primary Residence again, single family or townhome within reach of my sons school and continuing life as usual, but feel like we are slightly priced out of the market we want and areas we need to live. 

I'm thinking about getting personal liability coverage from my primary home insurer but am yet to find out if it works as I don't live in Texas.

Could you have lived in it for 2 of 5 years as primary to be tax free.  

Fast forward to 2022 I'm awarded this property in a divorce and now it's my primary residence when I'm claiming primary residence.

@Britney Lewin figure out what you want to achieve and where you want to live.You can probably get more bang for your buck in more tertiary areas in Florida versus primary or secondary areas like Orlando, Jacksonville, Daytona, Tampa, St Pete, etc.One area to consider might be the space coast.

In my primary I have positive cash flow LOL, but it's difficult strategy.

Purchase price: $75,000 Sale price: $105,000 I purchased the property as my primary residence with a one bedroom above garage apartment.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

Doing this allows you a couple of added benefits, such as being able to put less down on new mortgages if you go with a bank loan as it will be your primary residence.