I'm wondering if I would be eligible for financing on a vacation home under the "second home" rules if I am currently renting my primary residence?

We're looking to convert our current home into a rental with the option to purchase.Would anyone happen to have any thoughts, tips, recommendations on structuring a lease option?

Lastly, it's super landlord friendly and the price point for finding positive cash flow is still very low (you can still find tons of great deals for $120-180k purchase price).On the other hand, other Ohio markets like Cleveland and Cincy are dying if you look at their population and job growth.

[Status]- Our current home is owned free and clear with no mortgage on it (Est value 199K).- We will keep our current home as an investment property.- We will get a new home as our primary residence (Approx  400K).- We will be taking a loan against the current home to cover the down payment for the new home.- Additionally, we will use the loan to remodel our current home and rent out. 

If you do that, you'll have around $400 profit per month and your numbers won't look good.I also noticed your rent rates appear to be based on projected increases, not current rents.

I would leave your current house and rent it out completely.

Fully occupied currently, we are grossing $600 per week or $2400 per month roughly.

As I mentioned we are relatively new to the area and are currently starting up our business from scratch.

Does anyone know of any lenders that are currently (Spring 2015) offering such a loan?

I just signed a consultancy agreement with a data center developer who is currently looking to purchase property suitable for data center development within the Commonwealth of Virginia.