@Bill Hamptonthanks for pointing out these resources!

Quote from @Calvin Thomas: Quote from @Bill Schrimpf: Quote from @Calvin Thomas: Quote from @Erik Browning: Pro's: It's great to have BP as a trustworthy partner to give clients a level of trust that they will be taken care of.

Quote from @Bill Hampton: @Miguelli FernandezBased on interest tracing rules, the Heloc/Heloan interest would be a deductible expense against rental income. 

That being said, I don't think the bank is going to be sending folks to peep through your window to confirm you live there... but you obviously still shouldn't do anything misleading, hypothetical or not :) If you have utilities or some bills in your name headed to that address, that would adequately show a proof of residence to some capacity. 

Then we pay our bills out of it.

Cheapest bill this year at $350, most expensive at $1200.

Miss by a day and you are paying a hefty tax bill (income taxes plus early withdraw penalty if you are younger than 59.5 years old).

Rents were higher weekly, than if they paid monthly. 25 units in Knoxville, TN with a mix of cottages, duplexes and a six unit efficiency.We converted it to monthly renters, lowered expenses, billed back utilities  to the residents.

And make sure you remember partial back payment is better than a cleanout and vacancy bill.

Thanks, Bill.