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We have the flexibility of renting it out for income and/or expanding our living space without having to move.

This is what the family who owned my double before me did. In the first few years, they rented part of it out. As their family grew, they took over both parts.

It sounds like a good plan to me, especially if/when you decide to move you'll be able to keep this house as an income generator. Since half of it can currently cover 65%-90 of your mortgage, I bet it would cashflow like crazy for you if you rented out the whole thing.

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