However, what I don't know is how long have you been in your home (how much equity do you have in the home) and what is your current interest rate.  

In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).

Rates will at some point allow you to refinance.  

If it was due to a natural disaster they cannot raise your rates.

So with interest rates high...

Contact me PlzPS - Since 2003, Dean & DeWitt Property Management has helped investors buy, sell, and manage investment properties in the St.

Don't expect rates to come down. 

Wife asking me to contact CPA's instead of doing taxes myself this year. 

Refinancing: If the lender doesn’t approve, refinancing under the LLC might be required, but LLC loans typically come with stricter terms and higher rates.3.

Since these were recorded C for deeds full foreclosures had to be done to get the folks out.. then the second one defaults. then the third.. 10 to 20% default rate is the norm with this type of deal.. next thing you know they cant pay the underlying and the sellers are screaming like stuck pigs.. ( the original seller) These guys had no money to prosecute the foreclosures so the people they sold to just squatted.. .