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Updated almost 9 years ago,
Cash out Refi on my current house vs. Conventional loan on invest
I am closing on my first investment property in 2 weeks. The last month I was under the impression that my loan would be a conventional loan on the duplex I am purchasing. The plan was to use my current house as collateral and have the lien be on the duplex. Now two weeks out I come to realize that I am doing a cash out refinance on my current house and the lien will be on my house. Now this isn't really and issue because I am not planning on defaulting on the loan. My question is how will this impact my taxes and the write offs associated with rental income.