I would appreciate input from the BP community as to the best way to approach this from a financial and tax perspective.  

Referencing another recent post, there's not a great software solution that I am aware of for on-boarding a new MTR resident.If you aren't already, I would make sure you disclose to a potential resident any relevant issues that are endemic to a unit as early as possible.

-William Platt - Owner of The Vault & The Bank (Confirmed)-Byron Ellis Raines (Confirmed)-Marvin Fox (Confirmed)-Freddie Jones II (Confirmed)-Michael Barney -Wendell Olden (Claims just being used, not part of Fraud and might be one of their "Straw Buyers" for his good Credit)-DeKalb Notary - Frank Brake III (Confirmed)-Jeff Deville - Lender Broker with Will Platt and Bryon Ellis (definitely aware, I have directly informed him of the fraud these guys are/have committed yet he still continues to work with them to push loans through, so unsure of his actual role or knowledge or the lack there of with the rest of this mortgage fraud group)-More names coming...PLEASE SHARE THIS POST OR TAG ANYONE HANDLING LOANS IN METRO ATLANTA THAT YOU MIGHT NEED TO SAVE FROM THESE GUYS!!

Be aware that in many areas this process is neither cheap nor quick.

When the make sense and what to look for in an originator and what to be aware of.

I'm new to the community and excited to learn from all of you.

@Elwin GreenWelcome to the community and be ready for a huge amount of information at your finger tips.

As always, the bigger pockets community is awesome!! 

. :-) Second Mortgages Yes, but I am not aware of any lenders offering HELOCs on investment properties.

I would also recommend joining a Community of other limited partner investors.