Sugar coating.At beginning of October ,She brought us a deal, 77k purchase price ,80k rehab and ARV 275k, she wanted 4 of us partner up on the deal, so we signed JV.we formed a LLC together ,Rene 50%, Me 49% ,S 1%.Ownership.And we use that LLC bought this house with hard money lender.Our LLC also signed JV with S&R LLC that we bring capital and they manage the project and we split the profit 3 ways. 66% S&R , Rene and I 33%.Rene and I paid 20k downpayment at closing with HML and 8k interest from October 2019 to August 2020 ( we paid off the loan 120k on August,2020 )From November 2019, Rene and I wired the first 15k cash to S&R’LLC ,And R started to take rehab money from our lender , our lender released total 68k to S&R LLC business bank account by march 2020.

Every property will be given an assessment of $3k each for the next 2 years, due December 31, 2020 then March 31, 2021. 

In March and April 2020 we lost a few tenants when Michigan shut down, but when Michigan opened back up we quickly refilled them and the building is 100% occupied today.

Something has been nagging at me about paying off the last $100K of my current rental in March (2.75% interest rate) and then attacking the house (2.99% interest rate) if I could use that money to invest in another property.

I bought this house April 2020 and inspection was March 2020 With no damage to the mirror or vanity doors.

I've owned this property since March, 2020, and paid 130K for it.I wanted advice on the best way to take out the most that I can for this property, so I can buy my next one.

Attempting to increase her rent wasn’t worth it to me as she could have not paid March-Sept 1 and not a thing I could have done to get her out.

That usually means a J-O-B, and you would hopefully have one that excites you to get up in the morning. 

People with a healthy, positive mindset were those most likely to reach out and help others in those early, unnerving days of March and April.

@Jay Yoo The cares act allows you to take up to 100k out of your 401k if you have been affected by covid without the 10% pre penalty.You still pay the 10 and 20% either at the distribution or on your next tax return.I was furloughed in March so I was affected and have taken out close to the limit.Capital gains will not affect this.There is also a hardship allowance but I didn’t deal with that aspect.Best of Luck!