If you buy a house, you have to care for it.

There is demand for it and demand in this area for affordable housing, in a tourist area where plenty of people have vacant, second/third homes for seasonal fishing and hunting.

With the flip we sold last year, everyone I showed the house to when selling pointed out the unique things of the house.

With 40k cash, a wife that loves your current home, and 2 kids, stay put unless you can find a compelling reason to convince your wife to do another live in flip or live in a 2-4 unit house hack.

I tell people that if they don't have a net worth to buy their dream house in cash then they aren't ready to buy their dream house. 3.

I'm in a unique situation in that my uncle has "given" me his old house after he relocated to be closer to his siblings.  

@Connor Meehancan you house hack instead?

I have been acting as an investor with 20% down on all of them so if it were a 4 unit going as a house hack with a lower down payment that might change things.

I am under contract to buy and flip a house that I am paying $615K for. 

He will get around $3,100 tax free Base housing allowance and will have $150,000 he can put down.