If it is indeed I/O, I would just make sure you have enough NOI to cover the refi with some conservative debt sizing assumptions.

Eliminate debt, establish a budget, and save.

Eliminate debt, establish a budget, and save.

The name (former tenant) looked familiar and sure enough when we looked at the credit report there was the debt from us from 2023. 1.

Taxes : Taxes have been a brewing crisis nationwide for sometime, Chicago is another prime example of a major municipality struggling under high debt load.

From experience, I’d recommend getting pre-approved, improving your debt-to-income ratio if needed, and researching local assistance programs.

A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.

Meanwhile, your expenses, like debt service, taxes, insurance, and maintenance, continue.These are the requirements necessary to attain and maintain financial independence.

I am currently unmarried, no kids and recently out of residency with six figures in medical school debt.

Any existing debt?