The idea is to convert a multi-family building into condos; but not in the traditional sense where you separate pre-existing apartments into their own condos; but in a way where you combine the common areas of all of the apartments in that whole building, and turn the individual rooms within those apartments into condos themselves; thus transforming the hallways, kitchens, bathrooms, living rooms, dining rooms, porches, balconies into common areas of the condos. 

Purchase price: $350,000 Cash invested: $50,000 Sale price: $550,000 I acquired this property in 2015 and used it as my primary residence for two years.

We got both primary auto and umbrella insurance on it.  

It is currently my primary residence and was a great house hack but I’m now considering moving out to live with my girlfriend nearby in her condo.

Hello Ralph,Yes you can used a HELOC from another property as a down payment for a new one, then get traditional financing on the remaining 100K. 

.: Is it legal, per the IRS, to rent my primary home back to myself? 

Encourages Larger Investments: By offering higher returns at higher tiers, you incentivize investors to allocate more capital to your projects.Builds Long-Term Relationships: Investors appreciate being rewarded for deeper commitments, which helps foster trust and repeat business.Scales with Your Business: This structure can align with the complexity or scale of your projects, ensuring that you have the resources you need while staying competitive in the market.Key Benefits to InvestorsSecurity: Deals can be secured by tangible assets, such as a deed of trust or promissory note, providing peace of mind.Flexibility: Payments can be structured to suit the investor’s needs—monthly, quarterly, or upon project completion.Attractive Returns: With returns starting at 15%, investors often see better yields than traditional investment vehicles, like stocks or mutual funds.How We’ve Implemented ThisThis structure works particularly well for our large renovation or development projects where multiple investors may be involved.

Why not just buy a new primary and rent out your current home.

Yes but you will need to look for a local commercial bank to facilitate a HELOC or try a commercial lender for a traditional cash out loan.

Your case is indeed a challenging one, especially when traditional lenders are hesitant.