@Ryan SatchellFunny, there was a prior thread with the exact same subject header I believe:  https://www.biggerpockets.com/...

@Ryan GeislerIts important to understand that you are leveraging your cash value when you take a policy loan.

Hi @ryan blake,Great points you made, thank you for your insight.

We switched to being treated as an S-Corp for tax purposes around 5 years ago (later than we should have) and it was a really good choice, self-employment tax was trouncing us before that.

@Ryan Cleary I have never heard of an FHA distance requirement.

What makes it interesting is it has several parcels of land with the sale of the house which we could probably sell off the larger parcel for about 25-30% of the total purchase price.I know the basics of Section 121 but I'm trying to understand if there is a way to extract value from our equity position in our current house to make this a better choice than finding a straight rental.Current house Purchase $215K Current Value $280-290KOwe $160k 15 year mortgage at 2.75%Mortgage + Tax + Insur $1450Possible Rent $1800-2000Possible Live-In FlipPurchase $300KRepairs ~$20k-40kARV $325-350k (excluding land to be sold off)Land Parcel Value to be sold off $80k-100kI would love to hear your creative thoughts on this situation and how I can optimize.Thanks!

In my gut there was something off but maybe i was scared or nervous to make the wrong choice?

@Julie Verardi  are they obligated to shovel and get a $40 discount each time it snows or do they have a choice to shovel or not? 

If incomes don't keep rising, prices will soon hit a ceiling.Second, and related, the Fed is becoming increasingly hawkish -- they have no choice but to increase interest rates this year to fight rising inflation.

@Ryan Hehman is spot on.