@Christopher Butterstone Here’s a good article that will pretty much explain most the stuff you’d want to know in an easy to understand way: Real Estate 101: How Rental Properties Are TaxedAnything beyond what this article covers, or unique to your specific situation, and it’s probably best to consult a personal tax professional. 

@Mike McCarthy it's kind of a unique house, it was a luncheonette with an apartment on the first floor and the 2nd floor has an apartment.

Please post the full "Closing Disclosure" and "Uniform Residential Loan Application" from that 3.XX% "non owner occupied" refinance, the docs you signed at the closing table.

Took some time but got in touch with an awesome lender that fit my unique needs.Got connected to some other investors and vendors through the process too!

I have a very unique situation I wanted to discuss with the community and all our accountants out there. 

Just some food for thought:I think you're going to be in a similar boat on many properties...it's going to be a real unique property that you can get into with a low-down, Owner-Occupied loan that has the opportunity to drive enough value to pull money out while generating enough rents to cover the new, higher loan amount.

All in, you're only having to come to the table with a $7K down payment. 

Other agents and flippers will leave their houses sitting on the market now hoping for views, but they will be stale when everyone comes back to the table.

Staging photos are pictures of your property with the table set and the lighting just right for the mood.

I put together a capex table (excel) with values for life expectancy, but each property will have different numbers.