And if you live in that former replacement the right amount of time you'll get to take a prorated amount of that gain tax free as well.  

I have a  good amount of equity and was wondering if it is at all possible to get either a HELOC or cash out in someway to possibly offer a OIC to the SBA and get it off my house.

Here are some details on the deal:*I'm buying the first lot for $60K, and I think I could get the second lot for the same amount (maybe even less?)

Usage of a credit card should not be over 1/3 of the line of credit and it's okay to carry the interest payments for a few months and pay only the monthly payment amount.

.- Now looking to sell around 600k (redfin says its worth over 650k, not sure), with 3.3% 30yr fixed loan w 285k loan still, looking for around 315k+ profit.

I would prefer to manage everything through the LLC's account for bookkeeping and tax purposes.Proposed Solution:Open a new joint personal account specifically for making mortgage payments.Transfer the monthly mortgage payment amount from the LLC's business checking account to the joint personal account.Document these transfers as "Owner's Draw" or "Owner's Distribution" in our accounting records.Use the joint personal account to make the mortgage payments.Questions:For the CPAs and accountants out there:What are the tax implications of this approach?

With property tax adjustments and the mortgage company requesting an additional amount for possible future increases.

I suppose it's a matter of weighing options - looking at the potential increased cost of fixing/replacing a damaged roof at ACV verses paying a higher premium for an insurance policy that pays out replacement cost, and see which one makes more sense.

You may have to be okay with just breaking even in the beginning or only getting a small amount of cash flow for the first couple years. 

Trying to decide which route to take with that amount.