If your income is high enough that you won't qualify for financial aid (or you've saved enough in 529s) then it won't matter.

This is very common, and highly successful.

Upgraded the backyard and re-styled and provided high end furnished to the home What was the outcome?

At the end of the day, losing $10k is really not a lot in the grand scheme of real estate investing, and given the seeming high volatility of this market ($275k to $220k, presumably in a matter of months), and the generally high monthly cost of HML, I would get out quickly and think of the loss as the cost of education.At least in my area (Cincinnati, OH) I don't see the market dramatically improving even as we get into the spring buying season, and, honestly, I only see mortgage rates continuing to climb for the foreseeable future, taking more and more buyers out of the market.

If you do not qualify, you would then look into if you would qualify with renting your departing residence. 75% of the lease will be used to offset that departing residence mortgage. as you mentioned the timing of renting the place can absolutely be tricky so you would hope you do not have to do this.Finally, and I guess would be sorta of a trick, but we do bridge loans on occasion in this case IF you can qualify once you get the property rented at market value even if debt to income ratio is too high before it is rented.

@Grace Tapfuma How high can housing prices in the City of Detroit go?

Rates could be so high on theHELOC that its not beneficial.

With major companies expanding in Texas, demand for housing remains high, driving faster appreciation.

I'd strongly recommend against a single family home and only target properties with at least 2 units otherwise it'll be difficult to cashflow in this high interest rate environment unless you plan on using a large amount of liquidity in the purchase.

Super new to BiggerPockets, and the forums came highly recommended for my situation!