i just look for risk in posts - since I don't know the people in person i have to go by what they post, and so here i saw the same thing @Travis Timmons did - 'stacking' risk factors:-from California-probably chose Cleveland solely because of the price point and not because of any market knowledge-asked about borrowing 100% and asked about forming an LLC-did not indicate anything about strategyto be very clear - these are fine questions that OP is asking, and out of state investing is a fine strategy. 

Anytime you have the question of if you can write something off, keep the receipt until you speak with your tax pro and they come to a final conclusion for you.For specifics on your current situation/question, I'll defer to the amazing tax pros in this community. 

A final judgment was issued in the case on 2/14/2024.  

On a final note, please verify that there is a demand for this unique investment approach in your market.

If you cannot qualify for HomeReady, SECU is a fine option and as i said before, rates should be headed down and you should have plenty of time to refi into a 30 year fixed rate so long as you are able/willing to stay in the home for an additional 12 months after the refi.

Make sure you check your state and local laws before making a final decision as you don't want to violate state and local landlord/tenant laws.  

Look over bids with a fine tooth comb, no bid is the same.

Home equity loans may not be obtained on land that is taxed as “open space” or as agricultural land.The loan may not close until twelve (12) days after the borrower has applied for the loan and has received a formal notice of the borrower’s legal rights.Not less than one day before the closing, the borrower must be given a final itemized disclosure of the actual charges associated with the loan, including actual points, fees, costs and interest.

"This is a final reminder to save $50 on filing your Beneficial Ownership Information report for XYZ, LLC.

If nobody redeems, the judge forecloses the lien, quiets title, and orders the clerk to issue a deed to the investor.Because of a May 2024 statute amendment, anyone who has not received a final order of judicial foreclosure by 10/1/24 will be under the new rules.The new rules are the earliest you can foreclose your liens is 4 years after the first auction.