Hey everyone, my name is Walker, I just got started here on BP, I’m working to educate myself on REI in northeast Ohio, I’m open to other markets, but I’m acquainting myself with areas I know, and hopefully, I can acc...

Two questions:Would this purchase be considered a "second home" (for tax/mortgage purposes) even though I don't own my primary residence? 

I currently reside in Queens and would like something close by if possible.

Does anyone know if I take out a HELOC on my primary residence and draw funds to purchase/improve rental property (1) will the interest be deductible? 

This is a single family residence not condo. 4.

The Landlord Agent sent a contract to the resident that listed a monthly charge of X.

You have a couple options with the residents.

I’m not sure i see the benefit to the second option as then i have to pay taxes on this rental income and then i believe it does not look like my primary residence anymore.

My primary residency is a house that I own free and clear.

., rental) use would not include any period after the last date that the property is used as the principal residence of the taxpayer or the taxpayer's spouse, so it essentially doesn't matter that it was a rental from December 2014 - June 2017 for purposes of the home sale gain exclusion since the last date you lived in the property as your principal residence was before you rented it out.Depreciation recapture is another story.