State taxes may also apply.To minimize taxes, aim to reinvest the full proceeds into the replacement property, including closing costs and fees.

It's important to find out.But for now, let's assume that the property is worth $63 million as @Jason Piccolo indicated above and the loan balance is $59.8 million. 

It’s also great that you already have equity in your primary residence and cash available—those are valuable resources for getting started.If you’re considering a multifamily property, house hacking could be a great way to dip your toes into investing while minimizing risks.

Like you indicated, there's a lot of minefields.

While we faced minor delays with contractor scheduling, strong project management minimized impact.

House hacking is a fantastic way to start building wealth while minimizing risk.

I own a fully paid-off home valued at around $275,000, but that's all I have. my credit is poor, and I’ve had minimal income over the past couple of years, which doesn’t reflect much creditworthiness.

And, considering market shifts.. what’s your approach to minimizing risks over the next two years? 

It's not that Stu has tried and failed with this asset class, but he is pointing out that you have very preliminary understanding of investment principles and should look to expand your knowledge before being accountable for OPM. the fact that you're confusing mortgage payments with T&I impound is indicative.

Diversifying your investments could also be a wise strategy to minimize risk.