Are you trying to use FHA on your first property or you are planning to move out from your current primary and trying to acquire the 2nd property?

If you are looking to cash out some of the equity, then I don't think your plan will work.

Fast forward to today and one of those existing STR's has become a nuisance to the neighborhood and so the HOA board is planning to ban all STR's using what they believe are provisions in the CC&Rs to justify it and have consulted an attorney to validate the legal standing on implementing this ban.The CC&Rs were written in 1998 (before STR's was even a thing) and have these sections being cited by a couple members of the board as justification for banning the rentals (note there is not anything explicit about STR's in the documents)Section 1 – Single Family Residential – states in part, “… Lots… shall be used for no purpose other than residential purposes.”

We plan to do a lead inspection first but just want to get a general idea of how much it will cost before purchasing this property.Thanks in advance,Ann

2-Step plan:1. 

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Initially I was planning to withdraw Roth IRA $ to invest. 

This project exemplified the strength of the partnership and Partner Driven’s ability to generate substantial returns through careful planning and execution.

I plan on holding this home long term due to the low interest rate (2.75%) and renting it out long term to cash flow and build equity simulataneously.

Alternatively, transferring the property to a revocable trust provides income for your parents, avoids probate, and keeps you as a beneficiary, but it doesn’t allow for a 1031 exchange and could trigger gift tax.Focus on aligning the structure with your goals, whether for immediate reinvestment or estate planning, and ensure compliance with Connecticut laws.This post does not create a CPA-Client relationship.