You get that back if you sell, but if you keep it as a rental it takes 153 months or 5 years to break even on your down payment alone.https://www.redfin.com/IN/Indianapolis/1515-E-Kessler-Blvd-Dr-46220/home/66981054ARV / Sell Price$235,000We Calculate All CostsPurchase Price$152,750 65%Closing Costs$2,000Rehab$30,0006 Months Carrying Costs$9,114Real Estate Selling Costs$14,1006%Other$0Other$0Total Rehab Costs$207,964Now We Calculate ProfitARV / Sell Price$235,000Total Rehab Costs$207,964Gross Profit$27,036IRS Tax$4,05515%Net Profit$22,981Per month profit$3,8306Loan Down Payment$30,55020%Loan Amount$122,200 80%Loan Cost per rmonthPrincipal & Interest$8137%Prop Taxes$321Insurance$168HOA Fees$0Monthly Payment Costs$1,302Monthly Payment 1$1,302Monthly Payment 2$1,302Monthly Payment 3$1,302Monthly Payment 4$1,302Monthly Payment 5$1,302Monthly Payment 6$1,302Utilities for 6 months$1,302Total for 6 Months$9,114

Do I still file the rental income/expenses under the LLC (Form 1065) which will then pass through and depreciation on schedule E? 

Looking at a current listing in Austin (MLS number 5473496), this is 3503 E 17th St, Unit B4.

Hey there, if you are in Cincy on the 15th, this a potential event to go to- https://www.eventbrite.com/e/carex-free-monthly-brokeragent-meet-up-tickets-807011241347?

So They likely charge for Schedule E * How many rentals basically. 

They'll e able to underwrite the deal for you and give the LOI based on the property performance.

Lenders will use your tax returns schedule E to calculate your monthly rental income.

@Randall E Collins sorry to hear about your health issues, but you need to go directly to the sellers and not through anyone else. 

Here's why:- unless you strategically reported your taxes as making 100% income and not reporting an entire loss on your schedule e - you will most likely not find a lender who will qualify you for a HELOC.

@Carolina E.