I used it while I was getting the place ready and the freezer kept things frozen and the bottom kept things cold.

NO they got frozen you could not access them .. and many got called.. so when you did pay them down they went away.. 

What happens is that clay is 1) very absorbent 2) very expansive when frozen.

I've paid off a dozen rentals with my savings self-managing , but it's not for everybody.I don't do STRs , so not sure how they work with PMs, but I do see a lot of frozen pipe stories that are 'professionally managed.'

@Matt QuockHi Matt,One of my concerns about using a series LLC in a non-series state would be if a serious (non-frivolous) lawsuit arises in that state will the judge on the case deem the series to not exist under the laws of their state and expose all of the assets in all of the series to the lawsuit (having all of the series's bank accounts frozen, exposed to judgement etc...).Just my thoughts on this.

get qualified for your take out on the refi before you get over your ski tips.. risk is a retrench in values and your heloc gets frozen or called.. 

Then I decided I didn't want to deal with snow and frozen pipes, hurricanes, earthquakes or floods. 

@Victor BradfordI would sell and invest in MN (twin cities) We have a bustling real estate economy and you will find use of the equity here.Welcome to the frozen North!

I wouldn't ruin my credit for 250 bucks a month.I highly doubt it would take 10 years to reach a payoff you could handle.A residential recovery and workout of toxic loans is at max about 3 years away on a national level with some areas performing and recovering much faster.Why not go to the bank and say rents have gone down and I am struggling.Ask for them to renew the next time at 3 or 4% interest.That will make the gap smaller and go up in rent just a little but not much.Yes insolvency will wipe out any 1099 phantom gain as long as your liabilities exceed your assets.Most local banks all have you sign a personal guarantee.They consider it YOUR WORD as a vice president has told me that you will honor your contract (one of my clients short selling an apartment).The bank said at that time they DID NOT want to short sale and favored instead writing the interest rate down and extending the loan another year at a frozen rate and see what happens.Banks do not want to DUMP everything like people believe.They only cut out properties they see as having no chance of a recovery in the future or a liability if the took back (war zone,environmental issues).In that case they will usually sell the note if it has environmental issues or they don't want to foreclose.I would try the options I have above instead of ruining credit.

They can be cancelled or frozen, but not called.