Here is the NJ link.https://www.state.nj.us/treasury/revenue/gettingregistered.shtml 

Who would make that kind of investment with all the associated risks and hassle when anybody can buy today a risk-free 30-year US treasury bond that gives them a 4.285% annual return at the click of a mouse or a call to their broker?

I just screen shotted the up-to-the-minute owner-occupied Fannie/Freddie 30-year fixed rate national average for loans as well as the 10-year treasury so you can see direction.

I have been talking to my small local bank and these are the terms they are offering: Loan Amount: $60,000 (I'm assuming they appraised at $80,000 with 75% LTV - this was not stated specifically)Am: 15 yearsRate: 5% fixed for first 5 years, then 1 yr treasury + 350 points (5% floor) Monthly payment: $477 (approximately)Here are my numbers on the property:Property Curently Rents for $935 a month:Monthly ExpensesP&I477Property Tax104Insurance52Vacancy80Maintanance 50Cap-EX150HOA0Property Management0Total:913Monthly Cash Flow22Yearly Cash Flow264This would allow me to pull out more than I put into the property.

Under the act, up to $2 million in debt elimination can be tax-free.Based on the importance of facilitating home mortgage modifications, in the Treasury’s Green Book, there is a summary explanation of the administration’s budget proposal and it calls for an extension of the tax break due to ‘the continued importance of facilitating home mortgage modifications.’

Currently, I'm trying to navigate through communication with the tax assessor and treasury offices.

Richard Z.Jon Holdman,J Scott,Jeff Greenberg,Jon, I am an Enrolled Agent licensed by the Department of the Treasury in Tax and to represent all types of taxpayers before all levels of the IRS.

There are many other areas of law that pertain to lending, there is, to mention a few, the SEC, the CPFB, the FTC, Homeland Security, Money Laundering (FBI), HUD, Treasury Dept., and even Postal Inspectors can come into the picture if there is a violation and the postal system was involved.

@Natalie Kolodij and @Jake Hottenrott, the issue here is that if a property's average period of customer use is 7 days or less (as many if not most Airbnbs are though I'm not sure about @Sara Erickson's case), it's not considered a rental activity under Reg §1.469-1T(e)(3)(ii)(A) and therefore would not be depreciated under 27.5 years, which is reserved for residential rental property under §168.That being said, the scope of Reg §1.469-1T(e)(3)(ii) limits the scope of Reg §1.469-1T(e)(3)(ii)(A) to the 7-day-or-less rule to Reg §1.469-1T(e)(3), not §168 and not the entire IRC.And of course the regs for the 7-day-or-less rule are temporary regs issued in 2002, and the shelf life on temporary regs is 3 years.But nevertheless these regs probably give some insight into Treasury's thought process here.Speaking of which...Airbnb wasn't a thing in 2002, and Treasury's presumption back then may have been that the "rental" of a property with an average period of customer use of 7 days or less would likely have been bundled with some significant services, thus making the entire activity a trade or business rather than a rental.But things are different now, though obviously some services are provided with the typical Airbnb (e.g., the provision of clean sheets, television, complimentary snacks, etc.) that aren't provided in the typical rental...What do I do?  

There are many reasons to insure your property cash flows as you are taking on a much bigger risk than, say, 30-year treasuries, so why risk little or no return until hopefully the tenants pay down the mortgage for you?