Hey! I have been successfully renting out 3 rooms in my single family home while living in the unfinished basement for a little over two years now. I have only had to change over tenants one time and each three rooms ...

However, they won't wait for me to sell my current home to use as a down payment on the second home.If I use the cash I've saved as the down payment on my new primary residence, can I take the proceeds from selling my current home and apply them to new construction or a mortgage on an investment property?

Down payment can be higher than primary, but the good thing is that you won't need that much income to qualify because lenders can you 75% of the market rents for the units of the property.

Couple options that might be viable for you (I don't know all of your circumstances)- BRRRR into a DSCR by creating equity; partner closely with a lender before starting on this to cover seasoning and other requirements - also this will only work for an investment property, not a primary- bank statement loan/1099 loan may work if you can put at least 10% down and want a primary residence - will depend on how you're operating and a few other variables- seller financing; find a seller willing to carry a note for a few years- co-borrower; someone with decent income and credit who will be on the loan with you- DSCR purchase; be prepared to put down at least 75% or your rate/pricing will be horrible (70% is better); many lenders will have experience requirements; investment property only- find a private lender willing to fund the loan you need- get a salaried job relevant to your college coursework; your fico is strong and you have some cash, so househacking could be within reach via Fannie/Freddie multifamily purchase; get a solid workup from a competent lender before going this route as employment history will be touchy with this routeHard money can be used for an acquisition and rehab, but make sure your takeout financing plan is bulletproof before getting hard money.I'm originally from Baton Rouge.

You don't need a calculator or program to quickly vet a bunch of deals when you have no investments and are just turning your primary into a rental.

The primary concern with using commercial financing is it typically features a short term, long amortization and a balloon that could be problematic if you cannot afford to refinance due to market conditions at the time the loan becomes due. 

I am currently rehabbing my primary at the moment with plans to rent out this fall.

If you sell it as a primary residence, capital gains are very different than if it has been a rental.

The reason I'd still keep the bay area as a primary is because there are more jobs here (not that I can find one of them, lol).  

I am adding value to my primary residence by adding a shower to a half bath and adding interior square footage by insulating the laundry room portion of the garage.