If you're willing to travel and hour and a half and be hands on then you'll most likely accrue more equity in your deal when you have a successful renovation but you're trading your time.

Investment Info:Single-family residence fix & flip investment.

Investment Info:Single-family residence fix & flip investment.

We have secured a home equity loan against our home (which we own out right with no mortgage payment).

For context, I have that policy due to my own religious restrictions as I'm not allowed to have any alcohol at my place of residence.

If you want to build equity quickly, some level of hands-on involvement is key.

Investment Info:Single-family residence buy & hold investment.

I have two questions regarding mortgage interest tax deductions.First, last year, I purchased a HUD property at a significant discount and used a $70,000 HELOC from my primary residence for the down payment.

@Kyle Carter, The strategy you're looking at would be what is called a "consolidation exchange". followed by a conversion to your primary residence. 

How to Structure the Deal to Protect Your $20KIf you’re willing to cover the $20K arrears, here’s how to protect yourself:Option 1: Secure Your Funds with a Lien or Escrow AgreementUse an escrow account: Deposit the $20K into escrow with clear terms—if the assumption is denied, the funds return to you.Record a promissory note & lien: If the deal falls through, this would give you a legal claim against the property to recover your funds.Option 2: Sub-To + Wrap While You AssumeSubject-to deal: Take over the existing loan payments before assumption approval, securing control.Escrowed deed transfer: The seller signs the deed into escrow only to be recorded after assumption approval, ensuring they can’t back out.Lease option fallback: If the assumption is denied, consider a lease option agreement until another solution is found.Option 3: Negotiate a Seller Financing HybridAsk the seller to carry a small second note for the $60K equity gap at favorable terms.Use your $20K as a down payment, structured as a secured loan against the property.3.