Account Closed If you are living in the condo currently won't you have to move and most likely buy another property anyway (primary residence) to see any rental income, or am I missing something.

I bought a condo in Williamsburg, Brooklyn in 2011 which I used as my primary residence up until this year.

I currently live in Baltimore with my wife, baby and dog.I purchased my first home as a primary residence in the Canton neighborhood of Baltimore in 2012.

., about 2 hrs from where I reside, but in another state (CT). 

In the future when I wish to purchase another property as a personal residence or investment, what is the most efficient way to do that?  

80% is max cash out for a primary residence.

The two car garage would be for primary residence leaving a one car garage for upstairs rental unit of approximately 900 sf. 

If you already own the home you live in, then you can only use a FHA loan for a new property if you:1. are moving because of a work-related transfer2. an increase in family size requires a larger homedirect quote:“FHA will not insure more than one Property as a Principal Residence for any Borrower, except as noted below.

My father is down sizing and is in the process of buying a new home as his place of residence. 

I have already purchased my first primary residence using a first time FHA loan so that wouldn't b an option.