Be sure to put the money you're saving in monthly payments away rather than spending it.Once your spending is under control and your score is over 700, your rate will be significantly better than what you're going to get quoted right now because your debt ratio will be in line and you'll be able to show that you are able to handle the higher monthly payment. 

Fwiw for that size bldg and a small investor my guess PM rates might be more along the lines of 7-10% -  at least in my area that is what I was quoted. 

If I had no monthly regular income in the pipe line, I will not try to get me burned with more debts.

@Eddie Majesky as long as the payment history it should not really matter but the longer the trade line is open the stronger it looks in regards to your credit.

Where is the line drawn that decides if you have to live in a property for 2 years to reap the tax benefits?

Bottom line, you want to ask yourself, "Where do YOU want to be when you grow up?!"

If you don’t have the budget to do a full second kitchen, it may work to downgrade it to something more along the lines of a studio with a kitchenette.

I.E, clean with a strong degreaser, scuff the surfaces lightly, and use a high quality paint like Sherwin Williams Emerald line. 

From a swooping roof line to a custom metal awning, this home has major curb appeal but it doesn't stop there!

  ; )Where do we draw the line?