Buying a second primary residence
Hello all! I'm hoping someone can help me out with the situation I'm in right now and quickly as this deal probably isnt going to be around for long.
Yesterday my realtor found a great property for a great price that my wife and I would like to rent/airbnb. It's a big 2000 sqft house that could easily be made into an upper/lower duplex, plus there's a 1 bed/1 bath guest house behind it. Has a big pool, hot tub, deck, and is in an area where property values are going up fast.
Issue is, I'm in the middle of my second flip and most of my money is tied up in it. Therefore, I don't have the cash on hand to do a full 20% down payment for an investment mortgage. My investor doesn't want to do an ownership stake either, so I'm in a pickle. I know it's wrong, but can I claim this rental as my primary residence to get a 5% down but still stay in our current home? I have an llc I could deed our current house to in order to make it look good on paper, but like I said I know it's technically wrong.
Any other ideas? Really don't want to let this place slip by and I'm sure if I don't move quickly it will. Thanks in advance!