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No, you're certainly not the first, and you won't be the last. The costs of selling and buying somewhere else are high, so I'd be doing my sums before I did that. I'd be asking what's the best way to maximise INCOME. Is the current property likely to rent well, the prospects for capital...

Re: Question 1, the first accountant is correct. Only the interest on $300,000 is deductible. Interest deductibility is determined by the purpose ofthe loan, not the security attached to the loan. The $300k was used to buythe house which will become the IUP, so ir deductible. The extra $180...