In need of advice. Thank you in advance!

[Wade Roberts]

I apologize in advance because this is going to be a little long winded. So long story short my wife and I are originally from Florida and are planning on moving back within the next few months. I'm a firefighter in metro Atlanta and have a few opportunities at departments back home. We are looking for our first deal to kick start our REI career and I originally wanted to buy a duplex in Florida and house-hack but realized we likely won't find financing because when we move down, there will be a period between fire departments and won't be able to provide a pay stub for the new department or anything. So I was thinking instead, we could buy a short term rental in North GA (we have been wanting one anyway) and finance that through an FHA loan and have it as our primary residence for the next few months until we move to Florida. I have some experience in construction and can do the work myself if needed until we are ready to move. When we move to Florida we plan on living with my wife's parents for a few months so the place in GA will still technically be our primary residence. I'm not so concerned with immediate equity at the moment, just cash flow and long term wealth. After we sell our current house in GA, we plan on paying off all debt and will have about $25,000 left over to invest. So my question is can you use your primary residence as a short term rental (for the last few months of the year when we move) and also with the market as competitive as it is, do you think it's even feasible we could get a cabin or something in North Georgia with an FHA loan or will our offer be overlooked? Thanks everyone!

[Micah Redden]

@Wade Roberts

TBH the whole scenario sounds a bit rushed. I would encourage you to ask yourself some questions.

1. If you are transferring to FL and staying in the same line of work you will be able to procure financing. Especially if plan to live with a parent for a few months. So why not think about investing where you live?
2. If you spend your remaining funds here on an STR, what are you going to use for living expenses in FL?