You are wrong in what you are interpreting that you can not get the money out of a partnership.

Some states are pro-tenant and some states are more neutral or landlord friendly when it comes to interpretation of the law.When you evict and how you go about it really depends on your landlord philosophy.Was this property a planned rental or an accidental landlord type thing where you rented it out until values go up??

At a CLTV of 90%-100% be aware rates will be higher but they are interest only during the draw period.If you are curious on Second homes then I had just written up this post yesterday "Second homes are restricted to 1 unit properties, must be suitable for year round occupancy (the way I interpret that is STR is acceptable as you can schedule yourself to stay whenever), Must not be a rental property (LTR is out of bounds), you must occupy the property for 14 days out of the 1st year, and cannot be managed by a property manager.

However, as we all know Appreciation oftentimes tends to be the biggest driver of wealth building and is up to interpretation when youre homes aren't on the market, especially in this changing environment.When you all review your property performance and net worth numbers, how do you incorporate Appreciation of your RE assets? 

I also read contracts, and interpret regs constantly, so I'm perfectly willing to debate and defend a position that isn't contradicted by black and white language, with an IRS Auditor or anyone else.Your point about it becoming less profitable to them is valid, but irrelevant in the scenario I described.

It’s a numbers game for them and at this amount probably worth it to offer you something reasonable if their interpretation is not ironclad.

Only having 2 competing datapoints (2 differing appraisals) does not reflect anything specifically, except the pre-existing bias of the people interpreting them.

Most of what you say has merit but it can be interpreted in a different light Detroit sunk lower and is now coming back faster creating excellent opportunities for the small investor.I have never suggested buying from out of state and then trying to hire a PM.It takes MORE than a PM but Detroit is a market where you could give away 80% of the deal and still make a fortune.HINT: If you bought a Turn key property in Detroit you probably gave away MORE than 80% of the deal and didn’t even know it!

In an earlier post I read something about a "street to street" issue where one street would be monopolized (my words but this is how I interpreted it) by a TK provider whereas an adjacent street would just be a "regular sales" street.  

FHA rules do not change from lender to lender, (although some lenders may interpret the rules a bit differently).