The Bascom Group, LLC has expanded its presence in California’s Central Valley with the acquisition of Old River Place, a 249-unit build-to-rent multifamily property in Southwest Bakersfield, for $56.6 million.

Quick question to the Tax pros out there.  

In the meantime work on building a downpayment and do an owner occupied deal in the meantime (that's how I had scratched my itch to "do more".) 

In one year I paid myself back 1/2 of my down payment (Roughly $80K tax free), lowered my mortgage payment, and increased my cash-on-cash return to around 30%. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

That way you're building a track record and making some money until you can start to build up your own pipeline of deals to take down. 

@Marcus WelsonTalk to your cpa but I am 99% sure you cannot write off that debt - as even though it’s assigned to you - you did not pay for itFor example I cannot buy a $500,000 mortgage that was lost to a tax lien for $10 and then write off $499,990 otherwise I know a lot of people who wouldn’t pay any taxesI could write off the $10 which is what I paid for it

You don't owe any state income tax on the interest, whereas with CDs and high yield savings accounts you do owe state income tax on the interest.

You and your husband are in a great position, either way, it's a great financial upside.I'd suggest reaching out to your CPA about what your tax liability would be if you sold.

But definitely find out from a CPA that specializes in STR and tax deductions!