You can rent your primary home for up to 14 days a year tax free. 

You do have to have a primary. 

:Why refinancing at $400k if primary is 200k and rental is 100k?

I've used the house flipping calculator here on bigger pockets, although I'm thinking the nubmers would change a little big given the fact that it would be my primary residence for a minimun of 2 years.

He plans to live in the home as his primary residence for 2+ years.

I have my primary residence mortgage and the rental property mortgage both through a commercial bank in Canada(RBC).

If you submit an offer during owner occupancy only period and do not plan to occupy the home as your primary residence you are running a large risk and would recommend against it.I've heard of investors that did this, then got told on by another investor that was looking at the same property.

With my prior experience in both traditional commercial lending, government programs, and tax incentive programs (TIF financing, LIHTC financing, and NMTC financing) I hope to be able to add value to other members while also structuring several deals and manage assets.  

Also, the interest rate looks really high for traditional financing. 

IRS Publication 590-B:  Inherited from someone other than spouse.If you inherit a traditional IRA from anyone other than your deceased spouse, you can't treat the inherited IRA as your own.