Quote from @Allison Littman: I am currently trying to close on a church in Nashville (residential R6-A zoning) and convert it into my primary residence.

@Jay Hinrichs exactly the risk is even more than traditional development and the profit is actually less with more operational headaches.

We aren't the traditional flippers who run in, throw up a lick of paint, hide the disastrous side of things and essentially trick people into buying a lemon.

Will you be keeping or selling your current primary?

I have two questions regarding mortgage interest tax deductions.First, last year, I purchased a HUD property at a significant discount and used a $70,000 HELOC from my primary residence for the down payment.

In most cases, I don't recommend renting out your primary residence especially if you have no rental experience and that is because usually your primary residence was bought without the idea of renting it out.  

Both strategies are great and have their pros and consOne of the biggest wealth building tools in real estate is the ability to purchase a property as a primary residence and put less then 20% down.

@Edgar Duarte Selling now under the primary residence exclusion avoids capital gains taxes, allowing you to reinvest the $500K equity in diversified assets like index funds or additional rental properties.

Purchase Terms: Clearly outline the terms for your brother to purchase the property from you, including the timeline and price.To minimize the financial burden on your HELOC, refinance the property into a traditional mortgage as soon as possible.                                                                                           

I do not have a traditional W2 job so I can't pursue the typical conventional loan or a FHA since I don't have income (hence the DSCR route).However, I've seen that most DSCR lenders do not lend if the loan amount is less than $100K.