Also, would there be any taxes on the equity earned from selling our current residence since we would not be purchasing another home using that equity gain? 

My question is about how I go about paying out the interest earned. 

So the IRS says well if this will earn income for 10 years, instead of deducting it's total cost in year one...we should match it up and deduct 1/10th each year. 

Exactly for the reason that was mentioned-because people want to make it through the high season and earn their profits in cash flow before selling.

I'm interested in learning about foreclosures, lease-options for now , but open to other areas of earning Realestate.

But others who are using it as a possible spring board to learn from experts and earn at the same time.  

I earned my down payments by fixing and flipping foreclosures.  

I have spent the last two years building the RehabDaddy platform with a vision of making it easy for investors to earn great returns, without having to go it alone.The difference is RealtyShares is for accredited investors only.

In California , once you have a replacement tenant, you can't keep charging the previous tenant...in other words, you can earn two rent incomes on one rental property...Now you have it written in the lease.. does it make a diff, I don't know... only a lawyer can tell you...But if you are not out, I would not go for the fight... just move on

My ozone machine comes in handy for dirty tenants , heavy smokers ,nd immigrants who cook /fry with weird ingredients .