The CPA the extracts as necessary.First year stuff needs the closing statement to create the amortization and depreciation tables, but that's trivial too.

I am trying to extract hidden equity in the home and would like to get it done right, with all permit/paperwork for under $10,000 .

Whether it's worth it depends on the level of screening you did and whether the tenants have meaningful employment.

I say I'm pretty good because I haven't been wrong (with a meaningful impact) yet, BUT I don't take that fact for granted because it only takes being wrong once...Thanks for your response and encouragement.

The real problem is that there's just no meaningful case law on this exact issue yet.

This is definitely an option to extract cash out of the asset in order to leverage into another asset(s).

@Ben Pedersen it's hard to give you any meaningful guidance without more info. 

Just want to connect with the right people and hopefully build meaningful relationships and help each other grow business.

But, if I can’t buy at a meaningful discount to market, everything I’ve read says it is much harder to make things work.

As a matter of fact, some shows I listened to them more than once to extract all the knowledge and information that I can get.Anyhoo, the main reason that I decided to sign up for biggerpocket account today is because I am less than 10 days to close on my second home and I want to share it with somebody.