Accept whoever applies" is an idea that would cost you a bucket of money in the long run.Bankruptcy is usually a "no" unless it appears to be a one-time event caused by something out of their control such as a massive medical bill or a business failure. 

Dewald: Some other good zips are 63074, 63042, 63044 - great for long term rentals.There are good areas in south city left as well :-)I see more and more issues with municipalities like Berkeley, Pagedale where they want to narrow down the amount of rentals within a neighborhood and require homeowners to occupy and won't give out occupancy for rentals.Let me know if you've got any questions. 

SEC guidance is there, albeit not fully fleshed out.

.- Wholesaling and flipping (which is what you mean by "building", I assume) in the same LLC- Pay all business out of business, pay all personal out of personal.

And are you moving out of the upstairs unit? 

Second, I have a question about REPS status in a longer term sense.The primary benefit of REPS status, as I see it, is to take passive real estate losses, usually from depreciation and accelerated depreciation via cost-segregation, and use those losses to offset active income, reducing current or future AGI and tax burden.I’m clear about this benefit, but what I’m unclear on is the consequence in out years.For example, if I put $100K into a multifamily syndication, and the syndication does a cost seg, resulting in a $40K loss, I believe that a Real Estate Professional could claim that $40K loss against their other income and reduce their AGI accordingly.

I offered 8% interest only, but firm (so if I did not have a deal and the funds were sitting idle, I would pay the 8% out of my W2).

If you are talking about just throwing offers out there and nothing is sticking, that's a whole different issue.

I was thinking about cash out refinancing Home 3 in hopes of using that money to pay off a significant chunk of Home 2.   

I have several questions - imagine being able to split up property ownership into tiny pieces or having every transaction out there for everyone to see, all secure and tamper-proof.