Hi,
My fiancee and I have purchased a home for my elderly parent and siblings. We plan to live in the property for a year. Afterwards we will get married and move out but my family will continue to occupy the home and pay the mortgage. We plan on buying another home but are unsure of our options. Do I have to make the current property an investment property through my lender, or can the new home my fiancee and I purchase be considered a 2nd home? It will be roughly 70 miles away from the current property (NY) as there is a certain area we're interested in (NJ). How would this affect us tax wise? Any info would be greatly appreciated, as this is all new to us.
Thanks.
