I appreciate your post. 

But is there a requirement that you need to full fill before making your first post?

Using a HELOC for the down payment on the second home might be an option, but lenders may require you to wait a few months post-closing on the multi-family before approving new loans.The BRRRR-style approach could work if you can renovate and refinance quickly, but make sure the timeline aligns with your lender’s requirements.

@Chris WiermanSorry I am just now seeing this post.

This post does not create a CPA-Client relationship.

I had previously posted the property for rent, showed it and screened the tenants.  

Do some research before posting any restrictions.Also +1 on the inspection nuissance, in a pristine place the inspectors always "found" something. 

If there is a better approach, I would like to understand what it is.Thanks for your post.

Assuming you are both working and the rentals are long-term, rental losses up to $25,000 can offset W-2 income if your MAGI is under $150,000, with excess losses carried forward.This post does not create a CPA-Client relationship.

I didn’t see your location in your profile or your post, but assume at least 17% state/federal taxes leaves you with $10k/yr.