Need an experts advise here...I have recently left a W2 income and began working as a Sole Proprietor.

A much smaller firm or sole proprietor is likely a much lower, but likely with less expertise available.

Also if the property is held in an entity such as an LLC and is financed as commercial or even private financing, you would still be required to disclose it, and you would be required to provide a copy of the business tax return if one existed (sole proprietor flows through and just shows up on a personal return (no business return)). 

Schedule C if you a sole proprietor) & you do not have any w-2 employees working for your self-employed business or otherwise.2.

So normally, if the old property was in an LLC the new property needs to be in the same LLC.However, if that LLC only has one member and it chooses to be taxed as a sole proprietor then it doesn't file a tax return. 

Schedule C if you a sole proprietor) & you do not have any w-2 employees working for your self-employed business or otherwise.2.

Sometimes an LLC will have only one member and choose to be taxed as a sole proprietor which means that it does not file it's own tax return. 

However, if they are going to waive cancellation penalties/fees for their guests, they should be dipping into THEIR billions-deep corporate pockets to pay for it, not my sole proprietor pockets that their global empire was built on.  

Our existing mortgage on that house (15 yr at at 4.25%) will be paid in 6 years and yesterday I was quoted a rate of 4.75% for a cash-out 30 yr refi.Tax considerations: we've owned the existing property as a sole proprietor and the Tax Cuts and Job Act has me considering LLC or even possibly C-Corp for tax benefits.

@David HuliThe stimulus bill signed yesterday has an EIDL grant for $10K for sole proprietors if used for the mortgage.