If you are solely interested in the cash flow you can continue to pay extra towards the mortgage and if your situation changes refinance it as a 15 year mortgage at a lower rate on a lower rate which will lower your payment and increase your cash flow.

Hi all,I believe it is common to have a situation where one spouse brings in majority of the W2 income and the other is either a stay-at-home parent, works part time, etc. and they can easily qualify as an RE professional for tax reasons.  

If the financial risks associated with Option 1 are within your comfort zone and you're confident in the rental income covering your new debt obligations, this could be a viable path given the potential for immediate home appreciation and avoiding multiple moves.

For anyone reading this in a year or two, feel free to tag me and ask if the multiple accounts worked out or not.

Suffice it to say there are several ways to do this, and I have experience with getting conventional loans for 1099 workers but it is not at all a once size fits all situation. 

I am a real estate newbie but have always loved the idea of making a house a home and watched my family do the so with multiple rentals properties of their own. 

Has anyone here been in a similar situation or have insights into the process?

How does the tax-deductible work in this situation?

We often give bridge loans in this kind of situation assuming there is enough equity or JV on the right deals. 

MSA Info In Raleigh and Durham we are already seeing things shift back to multiple offers and the DD on offers ticking upwards.