The mortgage for our primary residence is pretty significant and the rental income help us pay for it.What options should we consider? 

Weird properties like this might mean fewer loan options and higher rates.

Hard-hat is optional, but if you're anywhere you can bump your head or have something fall on you - get at least a baseball cap - bump hat ($18).

Option 1 or Option 2?

It seems like a great and cheaper option to many, but if you fail in your investment and lose your home, how would that change your life?

Get granular with this data - meaning know it for your specific property features: beds, baths, sq ft, basement, garage, etc.Sounds like you also need a new PMC as they should have already gone over all this with you and given you options.

Hi new to BP looking to invest in a single family home and curious to know the types of loan financing options, current interest rates and if there any home purchasing programs that will help investors. 

@Bruce Woodruff, that could certainly be an option.

DSCR rates may be comparable or even lower than the second home/vacation home loan option depending on the other deal factors. 

The best option for everyone is to buy it cash for under market value with a quick close.