It's smart investing to have a balanced portfolio.Now that being said, is this property a good rental? 

You both clearly have experience dealing with this firsthand, and I want to see if there's a way to balance enforcement with profitability.

@Tom S.1) Under the IRS multiple loan rules there is a 12 month look back period (see reference to 12 months in the IRS post) whereby the highest outstanding balance of any loan during the prior 12 months will be considered outstanding for purposes of calculating how much you can take on a subsequent loan. 

My other advice is to make sure this is the best decision when balancing your family and finances.

., Profit & Loss statement, Balance Sheet)Credentials:No formal certification is required and may or may not have a high school diploma, but some bookkeepers pursue:•QuickBooks ProAdvisor Certification•Certified Bookkeeper (CB) from the American Institute of Professional Bookkeepers (AIPB)•Certified Public Bookkeeper (CPB)Caveats:Bookkeepers do not handle and probably should not handle tax planning, financial analysis, or compliance work.

But yes we do bifurcate our portfolio and manage it to make sure it’s well balanced as well and not teetering too far one way or the other.Chris, I never knew about SEC audit.

There are dozens of check boxes, some of them matter, and Balance Sheet and capital accounts are now required.

To make a long story short, they are no longer able to make payments on the property and are in danger of losing it.I have a rental property in Southern California that I currently own whose value if I sell should cover the outstanding loan balance on the farm.

Gave the lot 20K value and the balance of 30K was a Promissory Note by the Buyer. 

Since interest rates are now higher than the mortgage on your current home, you'll want to calculate that monthly difference.SIMPLIFIED Example: current house mortgage interest rate is 3%, balance $250k.