In fact he gave me credit for income derived through the LLC including all add backs in excess of my actual cash flow distribution. 

Roughly two years ago I was dating a surgeon and she had a conference down in Tampa/Clearwater and asked if I wanted to come along. 

So, I was thinking allocating 50% of related expenses and that by treating as investment property I could actually get some tax benefits of doing needed renovations.   

I don't do business in NY, therefore I don't know NY law, but in most states that's "Unlicensed Activity" and it's actually a crime.

Jai Koolwal - that zip code isn't all bad, but I would want to see the actual address to give you a better idea.

Remember also that the interest on the loan is taxed at ordinary income rates.So for example lets say you have 100k and were making 8% in the markets - 8k per year and say you are in top bracket, you will pay $1600 in taxes per year or netting 6400.Now lets say you did a loan and were at 5% you are earning $5k per year (actually less because principal is being paid down and some of money goes into essentially a 0% checking account).

Rates have unfortunately been horrible lately with big spikes just in the last couple of weeks so even quotes from the beginning of the month are probably out of date at this point.

I agree with you 200% Mark,The times have changed and I'd argue only 1% of people who are "hungry" are actually hungry to do the work required to be successful in this industry.

Actually this is the type of information I needed!

If you have 500k in equity, not sure what the actual equity is: would you rather - repurchase your current property and assume and 2.6% rate ORfind some other investment that is made with the intention of being an investmentYou said the house is large and new - so current chances that you need major CAPEX is low but as this home ages and is in an expensive market realize that those updates will also be expensive.