If you used the cash out money to purchase another rental property, then the mortgage interest on that portion of the refinance loan is deductible against the new property's Schedule E. 

Ed E.

I’m not saying this to brag or anything just trying to give you a sense of who you’re chatting with.Well anyways, I’m still in the E quadrant so I’m going to watch this game and start getting ready for tomorrow.

And, I am educating myself to try to start an e-business based upon my years in RE. 

In addition to these expenses - I am sure you have others expenses.This will be reported on Schedule E.

You can then file a schedule c or e at the end of the year for all expenses related to the business.

I am thinking once it hits the bad guys account they have within 30 seconds moved it off shore.this all started when title companies would not take personal checks.. because lenders and such could not get there docs there until last second.. so no time to clear a check.So then the title co  required cashiers checks.. well that went along for a while until the bad guys figured out how to forge cashiers checks.. it was really bad in Florida for instance.So then it went to wires were we are today.. and now with everyone relying on E mail. and the ability of hackers.. once the bad guys realized how much money flowed and how many to most of the folks doing this were newer it was like katy bar the door.our process since we wire every day.. is two fold request from closer and at this point we might be on deal 30 with the closer and have their coordinates.. any e mail that changes their wire.. the big one is Hey we just moved banks here is our new wire info.. that is HUGE red flag and we go into telephonic mode.. most of the closers I use I have used for many years so I know there voices.. 

Their brokerage might not allow or have E & O Insurance for completing BPO's.Many appraisers also do BPO's but likely these days with so many regular home sales paying 400 to 500 a pop for appraisals likely do not do as many anymore.The cost offered to complete the BPO, timeline to complete (days,weeks), location (rural, suburban, urban core), Exterior or Interior BPO, whether map photos or drive by photos are required,etc.I do not think a broker/agent would want to complete a BPO for an unknown person as there is no surety of getting paid for the time invested.

Thanks.Nanette Miller Hi Nanette,if its showing up on your tax returns as a second home (on Schedule A instead of Schedule E) then there are ways to get equity out of the property above 80%.I have access to a HELOC to 85% up to 350k max loan amount for second home properties.However, if this property pops up on your Schedule E, myself and many other lenders will consider this property a rental property and it will be in unicorn status to find any debt capital above 80% LTV just FYI.Best Regards,

@Eric TanHe would still have ownership which makes him responsible to maintain R E Taxes and insurance unless you structured a Triple Net Lease.