Eliminate debt, establish a budget, and save.

Deciding between buying down the rate and saving for a potential refinance can definitely feel overwhelming.

It’s a reminder that in real estate, continuous learning and valuing experienced advice can save a lot of costly mistakes.

With careful tax planning, real estate professional status can provide significant tax savings opportunities.

You will have no or very little cash flow within the first few years but if you have strong income and savings you'll be OK.

If you have strong savings and income it's not as big of a deal

There are local firms that will do it for you with the cost of about 1/3 the tax savings. 

When they enter them into RentRedi they stay there until they are resolved and my partner can see them immediately as well.

@Michelle SharkoAnswering questions in step by step fashion:- Is it a good thing to do or not is a personal finance decision and it depends on the person asking it, their risk tolerance which in part has to do with how this HELOC or line of credit works and how your personality fares relative to taking on new debt (a person more adverse to debt might have sufficient savings and temperament to pay down/back the debt versus a financially liberal person might get in over their skii's as).

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.