This is an investment property of the seller, not their primary residence.

Since there is a co-owner, you would have to purchase the property and it is really hard (if not impossible) to pull a HELOC as the basis for the purchase (since it is not your primary residence). 

With that said, here is an opinion: You cannot write off anything you use as a personal residence.

Vaughn is 40 years old, has a Bachelor of Arts in Marketing and Business Management from Temple University in Philadelphia, and resides in the City of Tampa, FL.Ms.

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

This process is done immediately if there is an asset they can show....the wrap note that is an asset.One of my coaching clients is selling his personal residence like this after he gets done with his forensic loan audit so that he can downsize.

In most cases, I don't recommend renting out your primary residence especially if you have no rental experience and that is because usually your primary residence was bought without the idea of renting it out.  

@Edgar Duarte Selling now under the primary residence exclusion avoids capital gains taxes, allowing you to reinvest the $500K equity in diversified assets like index funds or additional rental properties.

I honestly thought to myself that both NY and Cali were very tenant friendly...

They are saying that they are 'beseiged' with calls from LA County residents wanting to relocate out of state....to AZ (mostly).