Use Real Estate By the Numbers as your guide, make sure it tracks the loan pay down and depreciation and have all of those numbers pour into a Schedule E.

Your tenants can only continue paying similar rents if they remain employed at similar wages.

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

Right now, my focus is on leveraging my degree and skills to land a higher-paying job, increase my annual income, and ultimately grow my net worth.Real estate has always been something I’ve been interested in, and my long-term goal is to start investing in both real estate and retirement to build financial security.

Refinancing isn’t an option yet because of the way we purchased it (unless someone has a bank that will look at the deal differently) our original plan was to pay off our balloon in early 2027 when it is due which the bank will treat as a purchase and then we would wait until we are able to refinance so probably 2028 and then we could pull out a good chunk of equity at that time.

One year ago, I was hired to help a landlord whose tenant had stopped paying.

We are paying cash to him every week or so when he sends bill. 

Property damage, excessive wear and tear, but paying, that PM has an incentive to look the other way, don't they. 

So if you buy a 5 bedroom house and rent the spare 4 bedrooms = you can still sell tax-free under the 121 (you just pay back depreciation) If you buy a duplex and rent 1/2 and live in 1/2.

If your paying cash to buy and rehab then refinancing I get that.. but your still paying for two closing costs.