If your objective is to reduce your own tax burden, you are in essence confirming they have no valid AP claim.

Will you use the HELOC as a short-term bridge, or plan to hold it longer?

I personally like the buy-and-hold strategy and we help clients who share this long-term, wealth building mindset. 

Finally, double-check local demand and rent trends in the area to ensure the pro forma income is achievable.I’ve worked on several mobile home park deals as a broker and am currently helping a few clients sell their parks, so I know how important it is to ensure the numbers make sense both now and in the long term.

@Tim Delaney is an investor in the Buffalo market and shares many of your views on its long term potential!

Pensacola has a lot of potential, and I’ve seen investors do really well in the area with both long-term and short-term rentals.Since you’re just getting started, here are a few tips that might help:Know Your Market: Pensacola’s mix of military families, college students, and tourists means there’s a steady demand for rentals.

Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

I am interested in learning all I can about Long Term and Short Term Rentals. 

Long term, your property is going to up in value; likely way up.

., the actual management of the property & tenant play a large roll in how long tenants stay in their home.