Would help if you stated what questions you had so people could reply right away.I have knowledge on HELOANs but not direct experience.

What happens if you lose on it, you now have an additional liability, not just a loss of money.Are you planning on keeping the current property or exchanging it (1031) into something else?

Please share any helpful resources, your personal experiences, and what you have found to be valuable with every transaction.

Yet, many investors overlook simple strategies that can significantly reduce their tax liability.

Second, in terms of asset protection, LLCs are not invincible, but I think what many don’t understand is that they are not designed to completely shield your assets from liabilities, on the contrary they are designed to contain and isolate liabilities.

While an LLC can offer liability protection and tax benefits, it’s not essential for a single property—personal liability insurance and an umbrella policy may suffice for now.

This active income can help me fund my retirement as well as help me get reimbursement for home office and health care premium while lower my tax liability.

@Kyle Kulhanek To retitle your Chicago condo into an LLC for liability protection, start by forming the LLC with a clear operating agreement outlining ownership and responsibilities.

We had to move fast and initially decided to sell it, the relator who was helping us somehow convinced us we should make it a rental property......... and let her be our tenant (insert face palm here) so since we had no real estate experience and we were already moved away, we agreed.

I can say my personal experience has been pretty mediocre.