Using a Heloc utilizes the equity that is sitting dormant, it provides tax relief (once again check with your tax professional) as it is interest income, you can typically get a reasonable rate andlastly there is no out of pocket money.

Check with your lender and consult a tax professional to ensure proper structuring for interest deductions.

This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.

I definitely recommend that you seek out a Certified Cost Segregation Professional so that you are confident in the quality of the work performed and the deliverables produced.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just like when you call a big company and a robot answers your questions, but you have such a specialized question that requires a professional's input.

Assuming they were professionally prepared and compliant with state law, these should define your default interest terms – probably in your note.

I will look at a few factors, rent for area, total mortgage payment with property taxes( which can be crazy in Detroit), investment in neighborhood, I like looking into places where they are building homes and apartments that attract young professionals or families , and also looking at potential to make a single family home into a duplex or something can add an adu or transform a basement to a studio apartment!

I am a busy professional so I have limited spare time.

Readers should seek professional advice.