The checking account can act as the home for the funds until you deploy the money into and investment, then all expenses and returns flow from and into that checking account that you control. 

(Unless it was a rental, then you have to pay depreciation recapture as well, usually at 25%.) 

If you spend the entire $300k restoring the property, then here is the end result:- deductible casualty loss of $50k- no current tax- the restored property has $0 basis and cannot be depreciated- when it is later sold, the entire sale price is taxableMechanics and reporting are tricky, and I would not recommend to DIY it, especially since my scenario is over-simplified, and your real scenario is likely to involve more gotchas.Thanks so much. 

Then we turn around and refinance into a 30 year fixed on step 2. 

With you being a GC you can do better then most investors since everything can be done by you and not hired out.

They have a vested interest into keeping everyone happy because it is way easier to keep a client then to go find a new one. 

Then check to see if the water meter keeps spinning.

@Peter Nikic Thank you for response, when the time comes- I will be looking for a property manager, I’ll reach back out to you then..Catskill, NY -currently on the verge of breaking through -similar path as Hudson,NY - keep your eye out !

Live in the multi-family for a year, then move back into your own home and rent out the unit.If if not ideal, it's worth the hassle. 

Since then, they have operated under government control, but privatization has been a recurring topic of debate.Why Privatization is Being ConsideredSecretary Turner, along with some policymakers and industry leaders, argues that privatizing the GSEs could reduce taxpayer exposure, increase market efficiency, and encourage more private sector participation in mortgage lending.