Unique Situation Regarding Financing and Ownership
I am ready to start my journey in real estate in buy and hold field. My wife and I live in a house that my parents own and pay them money for the mortgage (not calling it rent as my parents aren't profiting from me). He has another house that he lives in and owns. After speaking with a bank lender and getting pre-approved (great credit score as well as income to debt ratio), he says that he hasn't helped one investor in his 20 years that don't own a house for primary residence and look for rental properties and my case is very different. After explaining him my situation, he "recommends" that my parents should add me in their deed for the house that I reside in and after few months, I should refinance and remove my parents' name from the deed so that only my name would be on the "new" loan. This way, he says I will get tax benefits (writing off interest paid and then some more) from investment properties because I own my primary residence. My caveat is, aren't my parents getting tax write offs on their investment property (that I live in)? I am very close to my parents and unless until I know we will benefit majorly by going through this name changes on the deed/refinance. It doesn't quite matter to me whether I collect tax benefits or my parents.
So the question is, should I leave my rental condition as is and invest in Rental properties worry free or should I try to "own" my primary residence?
Thanks in advance everyone.
My goal is own at least 1 rental property within next 6-8 weeks (Anne arundel county, prince george county area).