Hi all.First let me introduce myself.My name is Victor, I have been living in the Austin area for 10 years now, originally from Spain.I bought my first home in Austin in 2009, and sold it for a good profit in 2013, when I married, to buy another home with my wife.Ever since, I have been wanting to invest some money in real state, mostly to avoid just having cash seating in the bank, and build some equity for the time when we retire.At different times we have looked at different types of properties, but for one reason or another we would just stop looking for a while and then start over again.Just a few months we started looking again, I wanted to find some investment property that provided some positive cash flow, but after talking with some friends, realtor, mortgage broker... it seemed that it could be better to find another property to move to, and rent our current home out, since we got it at a good price in 2013 and should get a good rent.Now, while looking for that, I found a house I thought had good potential with some renovations, and long story short, we ended up in a contract to purchase it.

I would imagine you would want to be pretty selective in adding a roommate as you are married and already an adult...

I am a married and a father of a six year old boy who loves to swim.

Afterwards, if I get married to a wealthy lady or if I get a big promotion and start making a lot more money, to the point where I no longer fit into those parameters after the home purchase, am I still able to claim the the MCC or do I lose it?

@Susan O.It could be done, but the transfer in the father's share of ownership would be considered a gift and he would have to pay taxes on the gift.Also, non-married people buying a property together like a father/daughter would lose the capital gains exemption.This is to prevent people from adding their children to dodge estate taxes.

If you have lived in that property for 2 out of the 5 years prior to sale you can exempt the first $250K of gain ($500K if married) tax free!! 

Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.common lawAn unwritten body of law based on general custom in England and used to an extent in some states.community propertyIn some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumstances.

We also send out cards on Christmas, when they got married, etc.

I was married by 24 with a child and my wife didn't work.

I have been married and divorced twice now and I have 2 beautiful children Brooklyn (13 years old) and Boston (10).