Anyone with experience,I run a small non-op Oil and Gas Company and we purchase mineral rights in active oil and gas plays.

We have used the money that stacked up from our rent to pay off some old credit cards, pay off vehicles, install a coin op laundry room (highly reccommended)  It has really been the key to us moving forward financially.  

I think the OP is looking at one of these mortgage acceleration strategies, and most likely the first two links since those use the LOC:http://www.biggerpockets.com/forums/50/topics/1143...http://www.biggerpockets.com/forums/50/topics/3786...http://www.biggerpockets.com/forums/12/topics/8746...

Everything I say on BP isn't always directed at just the OP or another individually, I also address the entire membership, pointing out that creating a tax liability for a seller in that manner can have consequences, which was my point.

I am in property management (condos and co-ops), and if you want to purchase a condo with as few surprises as possible, you need to do some serious due diligence.Assessments can hit hard and with little warning.

I have recently obtained a Co-Op job and want to take these months while I am working to put in the research needed to become effective at real estate investment.

I'm probably paranoid, because home-buyers are constantly doing things (esp tax things) that screw with their ability to get a mortgage, and un-screwing-up those things is a huge part of what I do for a living, but the paranoid part of me is also envisioning a scenario where OP can only put 1/3 of his rental income on Schedule E, and then has to put 2/3 on a Schedule C or something, which in turn is going to potentially screw with OP's ability to get a mortgage (FNMA guidelines treat Schedule E more generously than Schedule C).

OP, I'd sell it and use the cash to buy two more properties.

@Yonah Weiss, understood, i was just saying i believe the OP is looking for a complete list with accelerated depreciation years listed next to it,( the correct years )

So the original tenant used op say 10% of the life.