You are both entitled to your full entitlement amount (somewhere around $400k+ depending on the area) and you can reuse it or have multiple loans at a time up to that value as long as each is your primary residence for a year.

The downside is office unIt can sit vacant for an undefined amount of time, maybe years, whereas multi-family is pretty easily replaceable assuming proper supply/demand.

Details: Purchase price: $50,000Loan amount: $40,000Down payment: $10,000Interest rate: 6%APR: 6.404%TIP: 116.332%Monthly principal and interest: $239.82/monthEstimated Taxes, insurance and assessments: $292/monthEstimated total monthly payment: $532Estimated closing costs: $8,247 (+$10,000 down payment)Breakdown:Origination charges: $950Appraisal and all title fees: $1,862Recording and transfer taxes: $800Prepaid homeowners insurance and interest: $697Initial escrow (2X months Homeowners insurance + 12X months $250 property taxes): $3,000Other (buyers personal attorney fee $450 + Title-owners Title Ins $405): $855Thanks again so much for your time and input.

Most just look at the pictures, the rental amount, and click the button looking for more info.

Plus unknown amount for fire sprinkler etc.Total spent: $690,000, considering cheap lot.

The commercial use should generate a minimal amount of traffic noise.

If any depreciation remains in the pool when I sell the property (say in 5 years), I get a step-up in tax basis by the amount of unclaimed depreciation2.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

She has rented her current place for a significant amount of time and would likely be a long term tenant with you too.

I suppose the amount of liability on the part of the PM would be clarified by the terms of your contract with them and you' might need to see a lawyer to sort that out.