You do need Form 4797 to calculate and report depreciation recapture and pay tax on this portion. 

Even the size of font is under the B&P laws.

As you may know, a good portion of your monthly rent will not go in your pocket, it will go to the constant maintenance, upkeep, repairs, taxes and the like.Fourth, ask yourself... if you have a vacancy, the economy goes in the tank, you have huge unexpected repairs, etc....will your tenants chip in to help you out?

@Kevin KiteI work with a very motivated cannabis lender who goes up to $30mm check size for retail or grow ops. 

. - Conventional purchase with 20% down using a HELOC: Current cashflow from the SF could cover a big portion of the HELOC payment, but this starts to feel risky from a cashflow and funds available for rehab.- Conventional and move there/rent out my primary: Certainly the best option, but a hard no from my S.O.'

There's a lot of value (even if a higher interest rate) to us finding a simple deal like this...We have great credit and solid income - I would think, for the right rate, there would be lenders out there jumping at the chance for these guaranteed returns - we'd even consider putting up the equity of the Texas home (and obviously the land itself) to secure some portion/all of the loan?

A few years into that, and you will have a very convincing case to raise for your first moderately sized apartment purchase. 

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We seek to use excess proceeds from refi as down payment to purchase another smaller size multi property.  

Market rent in the area is around $1,800-$2,000, although working market rent out is hard as there's nothing of this size, or condition available in this pocket of the Columbus.