LOOKING FOR ADVICE TO MOVE OUT OF CURRENT HOME TO BUY RENTAL

[Devin Grace]

Greetings everyone, I am looking for advice to potentially purchase my first rental property. I currently live in a condo that I have a mortgage on and recently found another condo down the street from were I live that is in a good area but needs some work. I do not quite have enough for a conventional loan plus money to make repairs, so I was considering a VA rehabilitation loan or an FHA 203k loan, which I would have to leave my current condo and move into the new condo in order to qualify for these two types of loans. Currently the new condo is going for about 44k and needs an estimate of 20-25k worth of repairs. My question is depending on if numbers make sense would it be prudent to move out of the current condo fix the new condo, move in and rent out the condo I'm leaving? Or is that process not worth going through with a condo because of the HOA fees to constantly deal with? I know its ultimately up to me but just looking for advice with people who have skin in the game. I hope what I'm saying makes sense. Thanks in advance