I have never received a letter requesting more info. 

It's true that SFRs generally appreciate in value more than condos, but at least with the condo idea you receive a higher immediate return AND maintain a sense of roommate-free privacy.It just depends on what you feel most comfortable doing I suppose.

@TJ ParkYou can apply for an receive a "sole proprietor" EIN. 

You need to reinvest the total proceeds received from the sale (including debt paydown) in order to defer all capital gains.

I think you're asking a very good question (and that's much more deserving of a full answer than the first snarky comment you received).The answer depends on your risk tolerance and financial goals (as some have said).

I emailed him this new info i received and he said I should try for refinancing as a second home...but I live more than 150 miles from my place...the nerve!

Ideally, the rent received will cover most/all of your expenses which will lower your cost of living and accelerate your savings rate.

You will receive a document via email with approval notification.

Again, receiving the Summons may be enough to motivate them to pay you off.

My father is my silent partner and each deal we do we determine whether he receives a % of monthly income or a set interest rate.