At this point, I see only 3 options1) assign the contract to someone else, meaning sell the apartment (but I will need approval from the developer)2) talk to the developer and ask for a minimum one-week rental (Min City Regulation) at least for the 1st year to get over the bad time.3) to just go ahead and purchase the apartment and suck up any loss I might make and try to get in refinanced as soon as possible with a lower interest rate.What are your thoughts?

You owe capital gains tax on your new property net selling price, minus your original property purchase price, minus the amount the new property cost more than the net sale proceeds of your original property, minus any cap ex that hasn’t been fully depreciated.

Are you looking to purchase rentals in NC?

@Kesete Thompkins, if you an income based loan doensn't make sense for you then DSCR loans can be a good option for rental property purchases or refinances. 

For example, if they really want $500k for a property, maybe offer a purchase price of $500k but a lower down payment and interest rate (and a longer-term).

Your renovation money is separate, usually, from your purchase price and gets doled out in four draws.

Why do you think purchase contracts are so long and have such small print?

So I am not the smartest person and some of the helpful replies in previous posts was above my mental capacity.My situationI own a home (homesteaded in FL) and have 2 roommates which help pay the bills.numbers - mortgage left 155k, home value 330k, current interest rate 4.125% on conventional with 24 yrs left on a 30 yrmonthly payment with HOA $1600 pcmI am wanting to either1) turn this primary residence into an LLC and purchase another property to move into and start the process again with the aim being to rent my current house out on an annual 12 month lease for at least 2 - 3 years as I was told that as long as I lived in it 2 out of 5 years I can then sell without paying capital gains (though this confused me and anyone wanting to teach this to me like im 5 years old would be greatly appreciated).

Please help,We recently purchased an investment property.

Last time I approached lenders I was approved for a loan with an interest rate of 9.5%, but that was when I was trying to purchase through an LLC so it was a commercial loan.