I am finally at my two year mark not being W2 so if I can skip past DSCR loans and the such that would be much preferred as I dont want to pay the fees if I don't have to as I am trying to get some money I put into each unit to renovate back out of it. 

You've got to protect your interests because no one else will; at least you now realize that you made mistakes....you can learn and fix them so it won't happen repeatedly.Maybe the friend/family member will be inspired by your actions to buy their own house/rental unit. 

You can't use the losses against your W2 income-so generally a cost segregation study won't help you. 

I run a full-time planning practice focused on real estate investors, so I wanted to add a few thoughts for context:1.Cash Value Takes TimeMany IULs (Index Universal Life policies) may take 7–10 years before you can borrow a meaningful amount of cash value.

I originally had the thought and opportunity to do so in Reno/Sparks in 2015 but didn't move on it.

I am looking to refinance in the near term either when rates drop to the 6.5% range into a conventional 30 year mortgage or as quickly as I am able into a first lien HELOC to be able to park paychecks into the mortgage and save a significant amount on interest or so it seems.

You are young and presumably single, so living in a master suite while renting out some other rooms is easy.

So many things wrong with all this.First don't pay for this.

Personally, I invest in properties in C-Class neighborhoods in my market (East Linden and Southern Hilltop), and they’ve been cash-flowing well so far.

So far, the FOA is covered by the fruit production.