We have a high saturation of rentals that has caused the market to lose money. 

•The county will reassess at market value, so be prepared for a higher property tax bill.

Quote from @Michael Klick: Quote from @Jonathan Greene: HELOCs are fine, but keep in mind that you really only want to use 50 percent of less (each) of your available equity just so you aren't creating a problem that you can't solve later if the value of your personal residences fluctuates.If you both have W2 jobs though, have you looked into getting qualified together and just getting a loan, 10 percent down each?

However, you can file Form 8832 (Entity Classification Election) to change the LLC’s status to a disregarded entity, provided you act promptly.If you don’t make the election, you’ll need to file Form 1065 by March 15, 2025, adding complexity but retaining the same tax benefits, such as deductions for depreciation and repairs.

Rates are high, usually in the high 8s or low 9s, and you may pay 2-4 points on the loan. 

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

.⚠️ Financing Challenges: Hard money loans carry high interest rates that nibble into the bottom line.Unrealistic timelines: If you think you're going to be in and out in 60 days, you're sadly mistaken-most flips take longer than expected.Real Talk: Is Fix and Flip Still Worth It?

I wasn’t looking to add value or find something off-market because the time and effort just didn’t seem worth it compared to focusing on my career.

I firmly believe that thoughtful architecture isn't just about aesthetics; it's a strategic tool that can enhance property value, attract quality tenants, and optimize returns.

You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2.