The seller will have a forecloseable instrument (agreement for deed, wrap, etc).Originally posted by Jon Holdman:If I were the private lender in this scenario and you did this I would foreclose so fast it would make your head spin.

I've gone back and forth over whether the Sch C was the right filing instrument to report income/expenses. 

Hey Ryan,How the music biz.

There is a clear difference between taking cash out before the 1031 (taxable boot or profit) and a refi which is simply borrowing against equity and paying interest on the debt instrument. 

I've found what appears to be a good property management company, so they would be instrumental in helping in that case. 

Could you market it as a music/band dude house or engineering house?

They have been instrumental in bringing my wife on board and illustrating how we, too, could use real estate investing to our advantage.Many thanks in advance...Jeff

You most certainly would NOT want a liquor store, bar/restaurant with loud music, strip club, or anything like that.  

I have more of a background in financial instruments where risk and reward is a useful metric when deciding to invest in different equities.Hope the post wasn't too long and thank you in advance for the responses!

Borrowing on a second  after a purchase could have the effect of allowing for a deficiency judgement against you should you default.You need to research the instruments you will be using in the states you are buying as conditions vary by state.