Plus the mortgage company probably calls the loan, and if you can't pay it off then you can lose the property.

In total, including money lost from rent, legal fees, and repairs, the situation cost almost $30k.

Showdigs is another great option for landlords in your situation.

Selling and buying something else you want keep and doing a cost seg in would help with the tax burden probably better in this situation.

Depending on your current rate or if the current loan is short term or long term.

I'd recommend a HELOC for your situation, especially since there is already good equity in the project.

Plus, very important to understand the new layout and how the dig down will effect the existing stairs, plumbing, etc.Happy to connect and talk through your specific situation because @Bruce Woodruff mentioned every project is different and know one price fits all espeically with these complex jobs.Where at in Chicago is your building?

@Richard Schubert can you get a 401k loan?

Since you put 5% down and the appraisal came in at $160K, your available equity might be limited since banks usually cap HELOCs at around 80-90% loan-to-value (LTV).

Any advice for the situation would be much appreciated!!!