Depending on where the property is and the lender involved, and what he has told the lender, and so on and so on, you handle things accordingly.

Here is what the IRS says on the subject: Election for Husband and Wife Unincorporated Businesses A business owned and operated by the spouses through a limited liability company does not qualify for the election Only businesses that are owned and operated by spouses as co-owners (and not in the name of a state law entity) qualify for the election.

We both run our own businesses but we feel that real estate will help make sure we both maintain our life plans of not needed to work as much any more.

The other is a smaller operation which does a lot of business in the specific neighborhood the house is in.

I own the property free and clear and i use the equity as part of my business line of credit.

We're in the business to make money right?

So some may say $30k is not worth it but I know others that launched successful syndication businesses from it.

Unlike refinancing, which involves taking out a new loan, recasting keeps your existing loan terms—including your interest rate and loan duration—intact.

You don’t want your lender to go out of business while still holding your construction escrow funds.Can you provide me with the contact info of some recent borrowers?

After time you can start finding them on your own after you learn more about the business.