Hi Lin,Happy Trick or Treat weekend! 

Is that standard practice to have to do this, or am I missing a trick or a different loan type similar to a HELOC? 

Your partner may be able to trick TurboTax into "allowing" a loss by manipulating some checkboxes, but it will be against the tax rules.You have a tough dilemma.

@Andy Rousch, QuickBooks Online does the trick!

I'm relatively new to commercial real estate and sometimes it's a lot to take in, but I'm super excited to be here and network, learn tips and tricks on real estate and investing, and build relationships with you all.

This has nightmare written all over it and Halloween Tricks-or-Treats are supposed to be over!

As @Sam Grooms mentioned, we've competed (unsuccessfully) against them in the highest and best.Everyone has their "tricks of the trade".

You trick yourself into believing that the old house just has some quirks that need some love, but then after a full rehab, the electrical concerns were reprimanded.

There are tricks of the trade you cant get every time on YouTube that matter. 

This new $200,000 loan will pay off your original $120,000 loan and give you $80,000 cash out (less any closing costs).The trick with planning this is that the market could change at any time after you purchase your home.