Unique situation... Refinance and cash out to down for a new home?

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urgh!!! :(
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I own a 2 family house is worth 370K . We still need to 88K with 12 years remaining on a 15-year loan . I owe a family member 200K loan. I have to pay the family member back . Can I ( should) to refinance the home value and pay the family member with him ? Basically , I move to an interest free loan to the family of a mortgage . I know that , economically , it's a disastrous move , but the situation is what it is . Besides, if I wanted to buy a new house and put it for rent ... Is it appropriate to refinance , for example , 320K ( 200K goes to the family member , the remaining mortgage 88K and 32K cash down for a new home ) ? So in the end I would like to have one of two families to rent a house and live in. I hope the house rent two homes will cover the new 320K mortgage 30 years and my 126K/year income (gross ) cover primary home mortgage . Which brings me to another question , in that income level , how much I can afford? Thanks to advice anyone can give!
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