You need to carefully read your agreement concerning the $4,000 tax credit that you personally received while the other person who purchased the property with you received the other $4,000. If you fail to reside in the property that you acquired for the full thirty six (36) months there is a very good likelihood that you will fail to abide by the terms for obtaining the tax credit of the $4,000.If that happens, then there is a good chance that you will have to repay the $4,000 back. I suggest that you continue the close date on the other property that you want to buy, or close escrow on it and rent it out to a third person while you continue residing in the first unit that you acquired the tax credit with.