This will lower interest costs and free up future cash flow for reinvestment or reserves.Tax Planning: Work with a CPA to mitigate tax impacts from principal-heavy payments and potential gains.

Property owners can file for an emergency court hearing, significantly reducing the time required to remove squatters.

If the economy gets better, you might be able to refinance and/or if you make more money, pay down the principal later if that is what you really want.

I think paying off a loan with a high interest rate debt and adding to the principal is one way to stay liquid within the property. 

Our mortgage was significantly higher than our flood insurance, and I don't know if we qualify to try to apply for FEMA or if there is other assistance, and if so, if we would apply as a business (we file it on our personal taxes as rental income).

Its always best to review your file with an investor friendly mortgage broker like ourselves to see what are your best options in terms of financing your next deal and get a high level understanding on how to enter a property and also exit a property.

If they fail to pay, then you can consider taking them to small claims court or filing with a collection agency. 

Here’s my question: Should I use my w-2 income to pay down a lot of principal and re-try to obtain that HELOC?

Hey Travis, I am posting the link to the Ordinance. https://detroitmi.gov/sites/detroitmi.localhost/files/2019-0...It says that this ordinance was passed in 2019, however, @Drew Sygit says that it is still just a proposal.

Is it by filing 1065 and generating K1's or is there more to it?