If you were to stop renting out a portion of your home and live in the entire property for at least two out of the five years before the sale, you could potentially qualify for the full $250,000 tax-free limit.

Also wondering if anyone is aware of the tax implications for residing in California and owning property in NY.

If B, then make sure that you are heavily insured because you are acting as a GC.Also most states (like Arizona) will not allow a homeowner to act as Owner/Builder on a property that they are planning on renting, only their own personal residence.

Once I have located such a property, I buy their property for below market, (instant equity) no bank qualifying, no credit checks, by offering to take over their loan and make their payments for them.

For example, do you already own your own residence? 

What are the important things I am looking for or considering when trying to find a lender for a primary residence?

If you have lived in a home as your primary residence for two out of the five years preceding the home's sale, the IRS lets you exempt $250,000 in profit, or $500,000 if married and filing jointly, from capital gains taxes.

Every state and county are different, but once folks stay in a residence for 30 days or more, they will have certain rights that could prove cumbersome.

I plan to make this my primary residence until I get feel stable again and rent out the spaces to the mid term market.

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