If you don't have a US-based bank account, I would get one as that's a requirement by most lenders.

I had to redo everything they did on my taxes. 

deposited in a demand deposit account?  

When you converted the 3rd unit and put it on your tax return was it done through the city?

Quote from @Courtney Dettlinger: Your equity is not a savings account from which you can withdraw for free.

If you are on cash accounting, yes you could do that.On the other hand, you are ignoring carry-forward losses. 

This way you still have 50k in your account and you have $200 coming in every month for 10 years, then 1600/mo for the following 20 years.OR you can lend me the money for 7 to 10 years at 9% and I can do the same as above!!

Talk to accountants before trying this.

NJ has the highest taxes per capita in the country so high taxes are expected especially in Northern NJ.

If you can rent it for $2,000/month, after fees, taxes, and potential maintenance costs, you’d still make a decent passive income.