If you’re looking for a cash out refinance utilizing a conventional type of loan then you can certainly pay off personal debt.

If you have plenty of money then it probably wouldn’t matter how much the property costs, but for a $1MM+ property I’d personally want at least a 6-7% annual return through cash flow (15% or better preferred) and a pretty good idea that it’s going to appreciate solidly.

I am curious to know what everyone is seeing out there and have some questions:-How is this affecting in-person attendance?

I personally think sevier county is one of the best areas in the country to invest in both now (if you pick the right product) and especially long term.

TLDR: Bad idea for your personal home.

Are all of your leases between tenants and your personal name or the DBA name?   

Quote from @Elizabeth Rose: @Josh Bowser this tip of doing a quick search on county GIS or software to see if homes in a neighborhood are owned in personal names or LLCs is gold, thank you!

If you fail to follow the rules, you may open your personal assets to a lawsuit.

This would require tenancy in common which lenders typically won’t allowTransferring ownership from personal names to LLC is straight forward with a deed transfer and re-assigning the tenant leases.

"A smart person learns from his mistakes, but a truly wise person learns from the mistakes of others" - Ken Schramm