Unfortunately, he got behind on property taxes and was struggling to keep up with maintenance, so the place was in rough shape.

If you haven't yet found a CPA or tax professional to help you save on your tax bill each year, would you want BP to help recommend a tax professional for you? 

@Marie Thomas: Yes, it's like selling pizza by the slice, so both renter & investor get more for less. 

Use that loan to pay the back taxes and get things under control.

This is down the alley of tax liens.Yes, deduct the lien from a sale price.

These logs regularly end up in the Tax Court and are usually destroyed upon review.

He's a CPA with a focus on strategic tax planning.

Things in your tax filing need to be really off to do this.Being a REP/active participant and using cost seg to offset a spouses (or your own if that's all you do) W-2 wages is fairly common practice.

@Daniel MadhavapallilYou should hire a tax professional. 

Quote from @Mary Jay: Quote from @Jay Hurst: Quote from @Mary Jay: hi guys,so I have a lot of equity in one of my rentals but the interest rates are super low on it. so I dont want to do a cash out refinance on it because I dont want to lose the 3% interest rate on it.I want to get some cash out of it via Heloc or another vehicle,  so I could buy another rental, but its not my primary, so I cant get a HELOC on it from lots of banks....I think PenFed does helocs on rentals, but because I have more than 5 rentals, I dont qualify for their HELOC loan.IS there a bank that would give a HELOC/cash on a rental?