Unless you've done substantial improvements to the building or used a large down payment when buying, it's unlikely this will work.Perhaps your best move is to find a new primary residence that is 2-4 units and repeat the process.

You have to weigh the benefit of the insurance claim payment versus potentially having your carrier cancel you and perhaps get black-balled by the insurance industry.

@Isaac Hanai make sure you FULLY understand the negatives of S8 programs, not just the mirage of consistent government rent payments.

Best practice is to keep one or two payments in reserve from the buyers down payment for such instances.

Rentals also build equity through tenant payments and appreciation, with profits taxed at lower long-term capital gains rates when sold.

@Jordyn Ohsnot enough info to helpbut if you're using a HELOC for the down payment AND getting a loan, then you're probably negative cash flow given that's 100% leveragei would never do that unless i were going to refinance in the short term

They have decent rental markets, and there are options where you could get in with a 20% down payment.

You can read the full story in our self storage post for that location.  

Tenants in lower Classes will have lower credit scores, which means higher chance of defaulting on their lease payments.

If you happened to be in Jimmy’s part of Florida, and he was home, you could go over to his house, where you’d have a beer with him and personally learn “working a note” , “using recreational lots as down payments” and “real estate exchanging” right at the “masters” feet.