You have to attest (which you did when you took out the loan) that it will remain a second home for at least the first year of ownership.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Can I take out a $150K note against my 50% ownership?

The general IRS test on determining acquisition date (this I have had to dig into a number of times) - do you have all the benefits and burdens of ownership, regardless of when title is transferred. 

Choose Your Real Estate StrategyRental Properties: Purchase properties to rent out for consistent monthly income.Fix and Flip: Buy distressed properties, renovate them, and sell at a profit.Wholesale: Contract properties and sell the rights to buy them to other investors.Real Estate Investment Trusts (REITs): Invest in publicly traded REITs for passive income without direct property ownership.5.

Add water meters to separate the exterior usage to the building usage (sometimes the water companies will provide a break for that portion).There are a lot of things to consider and utilities are a big part of operational costs associated with apartment ownership and management.Best wishes to you.

I feel like if they can streamline the titling and financing on this kind of thing, this a big potential path for Millenials/Gen Z to jump in to ownership, to @Dan H.'

When you sell a property "subject to" the existing mortgage, technically, this clause could be triggered because ownership is transferring to a new entity or individual.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

The loan officer says the refinanced amount would be 75% of the purchase price and not the new appraised value after rehab.In this case, is it a bad idea to transfer ownership of the duplex into my family member's name and then purchase the duplex back but this time financed?