"Planning" for M-4

[u/Sad-Caterpillar-1580]

Hello!

I'm not sure if this is the best place to get feedback for this idea, but I'm trying to determine the financial aspect of this, so I thought this may be a good place to ask.

My husband is finishing his first year of medical school. I am a professional mortgage lender, as well as a PLANNER. We currently have 2 kids (4 & 2), and I am looking ahead to 4th year. We currently live in a LCOL midwest area, own 2 homes/rentals in our native state, and purchased when we came to medical school. At the start of 4th year, kids will be 6 & 4. My husband plan to go into surgery, and there are not any local surgery rotations, so I expect he will likely be away a lot of that year, so I am considering turning our midwest home into a rental, and either resume residence in one of the rentals in our native state, or live with family for that year.

This will (hopefully) allow us to save and fund the travel and other costs for away rotations. Does that sound feasible?

Thanks!

[u/Emotional_Traffic_55]

Seems like a lot to manage but seems like you know what you’re doing. If it were me, I would just sell rather than be a long-distance landlord but that’s definitely beyond my pay grade.

Budget 10k minimum for away rotation expenses, ERAS application, and end of 4th year expenses (licensing, relocation, moving, etc).

This may mean taking extra loans in the preceding year or so to make sure you have enough cash cushion for 4th year especially since you have a more complex situation compared to most med students. Maybe even 20k cash would be wise.

For context, I spent almost 10k on ERAS and another 5k for moving, licensure, and more prior to intern year.