I would have a real problem with the commute and the staying away from the family for two nights a week.
If you are looking to lower your taxes, I would just recommend buying a good, cash flowing, four unit property that is out-of-state and is out of a bubble area. The potential for lowering your income taxes down to virtually zero is there (through the real estate professional tax deduction) and you get a little extra income as well.
Yes, there is the “extra work” and time involved in researching and hassle in such an endeavor. However, I would rather do that than be away from my family. At least when I do my research and hassle, I’m at home. And also, you will be able to not worry about how badly the market will depreciate from your purchase.
Here is an example real estate purchase that I recently made and how the math works out.
