@Michael Plante,  A thought just occurred to me.  

Then after the rehab the tenant would be "paying the HML" until a refinance can occur. 

No interest or money paid during that time, obviously, as no draw occurred. 

So even if you pick a state with stronger protections like WY or NV, the cause of action arose in the state where the tenant fell, so likely that the court where the accident happened would have jurisdiction.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

Did that need to be deducted last year when it occurred or can I do that now that it is being sold?  

I am not necessarily asking if this one deal in particular is any good (especially since I am not going to be including enough details about the property or my situation to allow for any meaningful deal analysis to occur).Instead I am asking for advice on how I am looking at my numbers. 

Did that need to be deducted last year when it occurred or can I do that now that it is being sold?

If it’s your first property and you’re not worth more than $1m, you will get significant interest rate advantages for putting an investment property in your personal name and just buying an umbrella policy like $1-2m (mine costs me like $300 and also covers if I have a catastrophic auto accident). 1% interest rate differential on 30 year loan for $500,000 can be tens of thousands of dollars. (5,000/year more then declining as you pay off the principal, but a ballpark of 2500x30 is $75000 more in interest (deductible)).

Of course, you should be doing this too, but a value-add agent should know what you can expect in terms of rent, what appreciation prospects are in a certain neighbourhood, have good contractor contacts and be able to talk sellers off the ledge whenever hiccups occur in the process (and they’ll definitely occur).It was difficult (buying a property on a different continent in the middle of a pandemic.

I wanted to know if anyone is aware of any virtual zoom meetups occurring for the Henderson and Las Vegas areas?