After this point you would use the schedule E income that shows the rental income that you claim. 

I have a meeting scheduled with them Friday at 10 am.

Thank you for your reply Mark Yeah, before I  started the HELOC process, the Loan Officer told me that it usually takes 1 month to get the Actual Funds, so going on 3 weeks seems to be on  " Schedule " I have yet to get the House Appraised  ( Getting this done, this coming Thursday  ) , so I am wondering if this is why the Loan Officer has Not told me that I am Approved Yet ? 

Does anyone have experience with the tax sale process in Birmingham, AL or Memphis, TN and the schedule that it takes place?  

Take a look at IRS form Schedule E.

I admit I did the whole walk into HR Block routine and I know I didn't make money on that deal.

I plan to only live about 2-5 miles away from the home (it's a small town) so I could still stop by to do routine maintenance and/or yard work and just check on things in general. 

(There should be no real reason they can't schedule the billing change ahead of time, but our utility company is notorious for making mistakes or causing delays- I've had them bill both the tenant and I for the same period, then credit me a year later.)

Interest is deductible where funds are utilized.If you take a HELOC and buy investment property, funds are deducted on Schedule E.

I also have a masters from CMU in Architecture-Engineering-Construction Management so I've got a hold on scheduling, paying subcontractors, and knowing when they're lying to me :)I currently work out of Chicago (and plan on being here for the long haul) as an engineer/project manager for a large national commercial general contractor and I love what I do but want to expand to do my own thing on the residential side in the short term, with long term aspirations of doing commercial development of my own.