Here's the basic situation:We live in Westchester NY and have a mortgage on our primary residence. 

My wife is about due with our first child and we are finishing renovations to our primary residence in the mean time.

The cost of living is an interesting one - as in my view it supports a decision to move somewhere, or perhaps a business decision to open a satellite office, etc - however it does not typically 'drive' that decision.One of the key and most important advantages that Iowa has from a labor perspective, and I believe why the DSM market is a great fit for insurance/finance - is that the typical resident knows central Iowa and is 'content' - this doesn't mean that they are settling, as I do believe the DSM market is a 'special' place once you get to know it - however I'd put a strong bet as compared to other metros that if you polled people, the question 'Do you see yourself moving in the next few decades or do you ever yearn to move?'

If you're getting "meh" deals, or dealing with overlays, do the primary residence first.

Investment Info:Single-family residence fix & flip investment.

Investment Info:Single-family residence buy & hold investment in Uvalde.

Investment Info:Single-family residence buy & hold investment.

Tax-wise: He says since it's a passthrough entity  I will have to pay California income taxes either way since that's where I reside.

Investment Info:Single-family residence fix & flip investment in Minneapolis.

@Robert ReineriYou will need to pro-rate the property between personal residence and rental propertyItems such as mortgage interest and property taxes can potentially be deducted in Schedule A.