We also confirmed with our mortgage broker that there is no penalty for paying down the new mortgage early, which we may do once we can assess our financial situation after closing on the Brooklyn condo.

With my tax situation (higher end of the bracket)  even though properties don't cash flow the calculated returns on the bbt.com investment property calc seem good (considering depreciation) would any of ththe pros ever invest in this scenario knowing that they can cover the negative cash flow.Thanks

Can you 'make do' (even rent an apartment etc) given your family life situation to allow you to rent your house?  

@Kevin Phu I am in the same situation with my current flip.  

For each property, the accountant will help you set up general ledger accounts for buildings, furnishings & equipment, land, depreciation and other things that might be specific to your situation.  

What would you do in my situation? 

What would you do in my situation?

@Kurt Isaac I too stugle with this situation.

The home is said to be utilized as an extended family home and likely not situated for three separate units.

@Jason James Whether it's a good idea is going to depend heavily on your situation.