I don't believe we want to look at a cash out refi as we do not want to increase monthly payments on the home, effectively negating our rental income.

I’d be more then happy to run up a quote so you can see how it will effect your cash flow and if it is right for you.Let me know if either of you are interested! 

I am wondering if my investment property will effect my ability to be approved for a mortgage on my future primary residence given that timeline, thanks!

with the BRRRR/Flip idea utilizing equity from the home, you are best off to pursue the garage idea but there are a few considerations to take into effect.

So in effect, I may end up paying the same either way but the seller is happy because they get the price they want and I'm happy because I don't have to deal with paying all these closing costs, making a large down payment, and applying for a mortgage.

You will plug this number into your underwriting to see how it affects your returns.For the occupancy question, you can run the Breakeven Occupancy and Default Ratio numbers.Breakeven Occupancy is calculated by adding up the Total Operating Expenses plus Debt Service (mortgage) and dividing it by your Gross Potential Rent.Default Ratio takes the Total Operating Expenses plus Debt Service (mortgage) and dividing it by the Effective Gross Income (Gross Income plus Other Income minus Economic Vacancy including Physical Vacancy, Loss-to-Lease, Concessions, and Bad Debt).Hope this helps.

I definitely think about climate change and it's effects on the country in the long run quite frequently, but much like Tim, haven't considered it much while investing as I too live and invest in MSP. 

If you have time freedom to engage issues as they arise and you are motivated to self manage remotely you can absolutely do it.

That said, I want to learn to manage and invest effectively, so I am planning to take the advice given, and meet this scenario head on. 

Hi Tessa,Maltipoo dogs are cute...but that should not effect your decision...but it might.Good Luck!