Hi All, Iam relatively new to this forum and seek expert opinion and thoughts about what you think to buy a second home ? Iam owning a unit which is worth 290K and am only owing about 50K to the bank. The purchase price was 260K. I have owned my unit for 4 years now and have been paying it off, I currently reside in it and rent out the other room which nearly covers my Mortgage. I am looking at buying a house to move into , rent out my current unit for $350 per week or more (The amount which it rented out when i bought it, since then have renovated kitchen and living area) The market is really low at the moment and i think it would be a smart move to invest into another home and rent this one out. I have 30K saved up in the bank. I own my property on my own and the second one will be as well. What best home financing strategies can I undertake so as to minimise any tax implications, leverage equity of my present home. I want to make sure that i do this properly. Once I Move into second home, I would rent my previous property..with rental income around $350 per week expected. Also will rent out the other 2/3 bedrooms in my new home. I look forward to your suggestions and advice. I want to this the smart way.