The property is paid off so you have options.Based on what you’ve shared, you carrying the note sounds like a viable option.Have you considered seller financing?

I buy real estate but I carry debt which is actually tax deductible, my money works for me.

@Carrie Matuga I thought you might be interested in this thread.

I have a property listed for sale in Goodyear, AZ and it carries a 2.25% interest rate.

Carrying on with BGC for all adults 18+!

Incurring losses every year will mean that the losses will be suspended and carried forward and will offset future passive income.

Most hard money lenders require 10-20% down payment of the purchase price or total project cost.Holding Costs During Rehab: Yes, you'll need to cover carrying costs, including hard money interest, utilities, taxes, and insurance.

Assuming you are both working and the rentals are long-term, rental losses up to $25,000 can offset W-2 income if your MAGI is under $150,000, with excess losses carried forward.This post does not create a CPA-Client relationship.

This would allow for a longer carry back with up front cash flow.

The current way the studs are built is not up to code, so they have to rebuild the entire structure of the kitchen wall This is not uncommon especially when renovating an older home and when budgeting you should also carry a very heavy contingency for unknowns.