This strategy may work for you because a) the reduction of monthly debt service on your current home may allow you to rent out your current home for a decent cash flow b) the low down-payment requirement (3.5% last I looked) on FHA loans would allow you to tap only the cash you have on hand and purchase a new property.Pros: Most efficient use of available liquid capital (from the brief snapshot you have given me)Equity in current residence could later be tapped to help you remodel and build equity in second purchaseCurrent residence may cash flow well once rented (not enough data to verify)Cons: Require you to moveHave to pay refinance closing costsThere will be time that you are paying both mortgages while you are looking for a suitable renter, but if you plan this for PCS season for the large number of military installations in the area your risk here is greatly reduced.Please remember to take this with a grain of salt, I do not have all of the details of your situation and you should talk with your spouse and lenders to ensure that this works in your situation before executing this strategy.I hope all goes well for you,Allen Fletcher

My $0.02 - take it with a grain of salt.

I have recently noticed a bunch of new mansions being built in queens ny near my grandmothers place and i thought it was weird but it put 2+2 together and it made perfect sense Scarsdale and Manhasset are now so overpopulated and the property taxes are so high it makes sense for the upper class to just live in the city than the suburbs and save 40k$ a year in property taxes on there 6million dollar mansion and send there kids to private school bc after all there kids will graduate and move on hopefully and taxes are forever :(  With that in mind if your in the really hot trendy central area with great property taxes than yea you'll probably be golden in 2 years but if the area is really hot but not so central with higher taxes maybe not so goldenso all in all i think take all the advice here with a grain of salt bc it may be the smarter thing to live there if you know you want to live in that area anyways and can afford to do so but at the same time you don't want to commit yourself to something that may close the door to other opportunities further down the line...good luck and be sure to let us know how everything turns out...

But then, I didn't know he was coaching either so take whatever I say with a grain of salt!

& at the moment I’m looking in the salt lake / west valley area !  

That's not too bad - they' could've kicked in all the drywall, ripped out the light fixtures, pulled out the sinks/toilets, spray-painted all the windows, poured concrete down the drains & super-glued the doors shut.

And keep spraying it with commercial grade round up .

Summary - Be very careful buying low price rentals in the Indy Market and take the pro-forma's of any turn key with a huge grain of salt I purchased from High Return Real Estate in July of 2017 not knowing anything about the market aside from listening to their podcast selling Indy really hard and why it is such a great rental market.I took the bait but unfortunately it has been nothing but issues.

Worth the 4-star), the A/C cut off randomly, the black tile grout looks like it was applied with a spray gun, the drawer under the kitchen sink would knock the peatrap clean off if you closed it too fast and needless to say...reviews suffered.I've gotten smarter since then, but have often wondered if I could do a reset on that listing.

In the 90's I traveled and hung out in Miami while promoting parties where everywhere along the coast I remember seeing Motels selling for $25K or $30K with only 3% down sprayed painted on white bed sheets.