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I forgot, make sure you PPOR is interest only now. and consider using a LOC to pay for the existing IP's expenses. You can fine tune your set up a fair bit.

1. You would not want to mix loans. I suggest you set up an increase for the renovation and a separate LOC for access to equity for the IP. When you move out of your PPOR you want to be able to claim all the interest associated with the purchase and reno of this property. Don't use your cash...