Now, use your job income to pay off the HELOC over three years ($90K plus interest).

I have a tenant who lives in my very nice three bedroom unit whose lease provides a pet authorization for “one dog, one cat and one rabbit.”

So for the past three weeks they have been badgering the bank, going so far as to call the owner of the bank and every member between the underwriter and the owner.

Obviously there are risks if I get laid off and would loose all the tax savings and be paying out of pocket for the property, but are there other things that I should consider?

That means an 800K purchase and a 200K rehab (1 million invested) can result in a 400K tax credit that results in 360K CASH back in the pocket of the investor.  

@Abigail LincolnWelcome to Bigger Pockets.

I plan to be here often but have been listening to the bigger pockets podcast for the last year now, and have consistently been saving to make my first investment this year.

You could also consider a reverse 1031 exchange, where you buy the new property first.Make sure to identify multiple properties (up to three) to keep your options open, and try to negotiate longer contingencies with sellers.

I love this architects designs for cottages and pocket neighborhoods, but this concept is something entirely different.

Hey folks, Due to a lot of depression and personal issues, I let my property taxes go unpaid for close to three years.