So if I am understanding you correctly, if we withdraw the money at 59 1/2, we wouldn't be penalized, but taxed on the amount withdrawn, then taxed on any  income from the rental.

Again thank you so much for your reply guys.

A full description can found in the RCW itself and the subsequent Washington State Supreme Court Opinion on the Washington State Legislature website and linked below.Attorneys tell us "the penalty for engaging in a "pattern" of equity skimming that is set forth in the Distressed Property Conveyances Act is found in RCW 9.94A, as a Class B Felony, Level II offense", which can include confinement in a state correctional institution, fine or both.

But I guess a California license wouldn't get me access to that information in Texas.So, I haven't yet found a good reason to put in the effort and $ to get a California license, and your reply is consistent with that.Thanks again!

Thank you for replying.

Of coarse eventually there will be a “ correction” and The best thing to do is preparation to mitigate loss .dont be too over leveraged and be sure to have reserves .

@Jesse Meader I will confirm that Tim is correct and if you need a financing guy he is your man. 

Someone correct me on this if I'm wrong but in your situation I don't believe a lender will count the potential rental income of your current primary residence if you're still living there while applying for a mortgage on the second.  

Thanks for the reply @Ned CareyI am looking at getting general purpose cards for now.

He will reply and says "confirm your availability to send x contractor" for the repair.