Hi all! Long time lurker, first time poster. My wife and I have been Airbnb'ing and VRBO'ing our small (2Bed 1 bath) Lakehome for the past year. It used to be our primary residence, but a year ago, we both switched jobs and started renting an apartment in our current city which is an hour from the lakehome. We were sad to leave the lake full time and wanted to see if we could generate enough money renting the house out so that it would pay for itself, and thus keep it so we could still get to spend some time there. Plus, it would feel really silly to sell a house at 3% to buy one at 7.5%. It is a lot of work, but it has been going really well and we are generating some nice revenue from the lakehome. It is paying for itself and then some. Plus, Since we both work hybrid model jobs, we still get to spend a ton of time at the lakehome, probably 60% of our time is at the apartment and 40% of the time at the lakehouse.

We are now at the point that we would like to buy another home in our new city as a primary residence, feel confident that the airbnb lakehome will continue to cashflow, but I am not sure how to exactly proceed. Can I keep the lakehome on the mortage it is on if it is no longer our "primary" residence? If not, what % of the time do I need to be at the lakehome for it to qualify as our primary residence? Not sure if it makes sense to form an LLC for the Airbnb lakehome, as I am thinking I would have to re-finance if we did that. And with high interest rates the mortage would skyrocket. Do I just take out a 2nd mortage to buy the new house, and deal with the increased rate vs a first house loan? What are my options ? Likely need to talk with a real estate lawyer or real estate agent, but I am unsure who the best person to consult on this would be?

Anyone been in a similar situation, and what did you do? Thanks!