@Lawrence Kutsovsky I think the biggest factor to consider is what is your goal, who do you want to be around, and who do you NEED to be around in order to achieve what you want to in real estate.

It's hard for me to fathom that this minor of a factor could be the thing that stops us from pursuing our real estate investment dream together, and although I am feeling down and close to giving up after today's news, I know that I can't. 

The rule in lending is you will always get a lower rate and a higher LTV loan to value on your primary home.So if you tie up money in a smaller investment and then need cash your limited by two factors the loan size and the Non-owner occupancy if it s a rental you get a lower LTV.

Some factors to take into account will be the overall condition of the property and current rental income in comparison to market rents (comps).Queens has many SFR with liveable basements so you may be able to find someone willing to househack and keep the current tenants but you'd be working with a very specific buyer pool and this could lead to less interest in the home, a lengthy selling process and a below-market selling price.With regards to giving notice to the tenants, assuming you're going to aim to close when their lease is up in April, I'd mention it 30-60 days before putting the property on the market.

You make some great points about growing job markets and other factors that could be promising.

I had a great lifestyle in my 20s and 30s.

@Mitch Vogatsky be sure to factor in your mortgage interest tax deduction when evaluating how much you can afford.

I left biglaw earlier this year to take an in-house job with a (MUCH) better lifestyle but lower long-term earning potential.Household Income: $365 guaranteed, $440 if I hit my bonus and include our rental (bonus is a target of $60k but is not guaranteed, rental grosses $15k though we net less after taxes/expenses)Net worth: $1.15M: Cash-$390k, Equity in existing rental (out of state)- $200k, college savings $30k and retirement accounts - $520k, no debt (both cars owned outright and rental doesn't have a mortgage).Current Housing – We live in a HCOL where we rent a 2bd/2ba condo for $3.1k.

To move away, we either cut our lifestyle in half or figure out a way to give our portfolio a "make-over" to somehow squeeze more profit out of it while at the same time hiring management so that I don't have to work on it full-time..I'd love to hear any success stories of others who have been in our shoes or advice on what direction to take. 

Even after factoring this in you should still be able to cashflow $400+/month but your COCROI will drop a bit. 4.