Keeping track of rental property bought with refinanced cash

[Ramtin Sambo]

Need some advice.

We had about 100K left on our primary home mortgage but had a great opportunity to buy a 4 unit multifamily. 

Competitive market so we needed to buy using cash to beat the competition in our area so we refinanced our primary house to pull out about 600K in equity.

Now, we have an asset worth 600K and no mortgage on the asset. 

How do you treat this when tracking finances? 

Given that there is no mortgage on the 4plex, it looks like its all profit and its got pure cashflow. 

I think for tax purposes, the mortgage interest is associated with our primary home.

However, for financial analysis purposes, should we just assume there is 600K in liabilities @ 4.6% when making our books? Do you create a seperate QuickBooks/Excel/GoogleSheets/Stessa for this?

Interested to see how others would treat this.

Thanks in advance

[Ramtin Sambo]

Quote from @Scott E.:

This is a question to ask your task professional, not a bunch of strangers on the internet.

That being said, my guess is that they will not be able to apply any of the interest on you $600k liability to your rental, due to that debt is tied to your primary residence.

I realized I may have made it seem like I'm trying to deduct  mortgage interest on the rental property. Im not, I'll deduct it with my personal taxes.. 

What I was seeing is if anyone does similar things where they buy in cash but track for their own purposes the performance of the property by creating the scenario of paying the 600k mortgage debt...

So for tax purposes, it's my own primary home debt and mortgage interest..

but for analysis purposes, my primary mortgage now contains the 600k equity I pulled out to pay for the mortgage.. so for analysis purposes.. it's like a mortgage of 600k to myself.

Maybe I'm the only one that gets this analytical... but looking for others out there who've done similar