Since I used the funds for something other than personal residence I was able to deduct interest ($5K) accrued only on the first $100K of the borrowed $150K when I was filing my 2017 tax return few weeks back.It's 2018 and I am doing the same, borrowing $150K from my personal residence HELOC to purchase rental property.

I was monitoring the property over the last 7 months or so out of curiosity to see how much it sold for just to see how much I was outbid by.

@Gleb Dmitriyenko, out of curiosity, what's your plan with this property in the future?

Out of curiosity, why ten 4-doors instead of a building with 30 or 40 doors?

And out of curiosity, how did you win the auction?

All 36 units are filled and rents are accruing!!

If you are, I suggest you read it ASAP before making any more business decisions.Section 5-12-081(c) A landlord who holds a security deposit or prepaid rent pursuant to this section for more than six months shall pay interest to the tenant accruing from the beginning date of the rental term specified in the rental agreement at the rate determined in accordance with Section 5-12-081 for the year in which the rental agreement was entered into.

So that the company did not accrue anymore owed balances, we closed as soon as possible, to stop collecting the rent and paying out expenses.

A-ha~ That makes sense with what this guy was saying.I'll do some googling this evening just to satisfy the curiosity :mrgreen: Thanks~!

They have one other sanction up their sleeve that accrues interest on the violation with each year the violation exists being a separate violation.So here's my advice.