Whenever they decide to move out, a full rehab will cash flow even better.

Maintenance and potential repairs will also require a long-term financial plan and setting aside a contingency fund for such expenses.The steady cash flow, appreciation over time, and tax benefits can make a meaningful difference to your wealth in the long term, especially with the principal paydown on the mortgage.However, if managing the property from a distance feels too burdensome, or if you’d prefer the certainty and flexibility that comes with having less debt (especially given the high mortgage rates), selling and using the $100,000 in equity to reduce your loan for your next home may be the smarter move.

I respect your decision not to move forward speaking with our company. 

There are a very limited and reliable few of lenders that do true DSCR 2nds.

Quote from @Jeffrey Blackman: Hi @Andrew Katz, I'm curious to see if you moved forward with the HELOC and your next house hack.

I have one rental property in San Marcos, CA (North County San Diego), which was my primary residence for several years before I moved to Orange County.

Lower your offer price and move on.  

Im not a fan of seller financing unless that property is free and clear and the seller is offering reasonable terms NOT on money they have borrowed. just too many people get into this type of thing without understanding the whole picture, like title being moved into the buyer's name, due on sale clauses... etc. etc. also, just because its a very commonly overlooked guideline which makes financing on 3's and 4's a little challenging: FHA requires the property to self-sustain its own PITIMI by the rents.

My current options: rent out the current 4 bed 2 bath house that I own and live in so I could move into the 300k house and remodel while I live in it.

However, due to my wife's pregnancy, we decided it would be best to move back to Miami to be closer to family in June 2024.