My question involves real estate located in the State of: Florida
So we are in the process of choosing whether to short sale or swap houses with a family member. Our question is if we swap house but both maintain our own mortgages, how does this effect our homestead exemption, and our house insurance. Is it possible to switcj houses without informimg anyone who is living in it. We are technically 2 streets away, but we need more space and she needs less space. We have the same mortgage, so that isn't an issue. When our market rgains we plan to sell and buy another property.
My question is, would we be considered rental property and have to give up our homestead exemption? Thanks