Once the property is sold we will be able to pay off the HELOC and will also have further funds coming in the following year.

When the house eventually sold, I contacted the buyers agent and explained it to him so he could be the hero with his clients and show them how they could save a bundle on their property taxes by appealing and getting that corrected!

I'd love to see a copy of it as I'm dealing with a potential tenant who's pushing things a bit.

Investment Info:

Single-family residence buy & hold investment in Okemos.

Purchase price: $350,000

Cash invested: $10,000

Sale price: $435,000

Primary residence converted to a rental after 2 ...

Not as many hotels in the area except next to some ski resorts but during covid it got crazy. we bought one for $25k at a foreclosure sale in 2015 and could not give it away in 2019 for $50k then in 2021 we sold it for over $120k. 

As far as your primary residence, if you have lived in it 2 out of the last 5 years, you should not have to pay taxes on capital gains (difference between what you paid for it & what you sold it for) up to $250,000 if you file your taxes as an individual and $500,000 if you file jointly with a spouse.Just a disclaimer, I am not a tax professional.

Others purchased smaller properties, and sold their lots to builders.

If you sold it for $500K (after expenses) and invested it in a savings account (or some in a RRSP or TFSA-up to your limit), even at 4%, you'd get $20K a year.Also what province is it in? 

I've sold while in your shoes before, and I've also held with large negative CF.

nothing wrong with that at all as the property is being sold to 3rd party.