Legally, yes.

My current plan is:(a) Finish the rehab, increase value of the house(b) Tap into the equity from (a) to help finance the addition of a legal unit in the garage(c) Tap into the equity from (b) to help finance more real estate investmentsNot sure exactly what (c) will be.

I have some past debts rebuilding my credit now..that shouldn't stop me with the hard money lending.

The 1099 generated for the forgiven debt can be a non issue...if it is owner occupied, and done this year, the taxes are waived. 

First investment purchase, first cancelling of contract, so unclear on the legal standing etc.I entered contract on a rental, and post inspection am cancelling my purchase based on findings of inspection.The listing agent who is the team leader for my buyers agent is requesting a copy of the inspection.  

I've used Legal Zoom to create my husband's and my will.  

Consult your financial and legal professional(s) - I'm neither.

The Solo 401k would not have to pay unrelated debt financed income tax on investments using non-recourse loans, while an IRA would.

My husband and I are aspiring real estate investors working on our first move.Originally, our goal was to pay off our high student debt.

I want to know if there are folks here on BP that have been doing this and so what are the pit falls, and implications on tax and other legal issues.