It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

I am working on my first BRRR, and am close to finishing up the rehab.  

Account Closed, I have not tried BB&T, but I will reach out to them as well.

Once I plug in all those numbers, I'm pretty close to breaking even.

Stay disciplined with your numbers, build relationships with local investors and agents, and be patient, good deals will come with persistence and the right approach.Good luck!

I will be managing and will be paying a real estate agent friend to show the properties for me.

Its a really stupid rule especially if you self manage and live close to city limits.

If you can find one its Millions of dollars since those types of spaces ar3e close to beaches here. 

With the proceeds we later purchased two properties the same month, one with FHA loan 5% down and received a closing credit of $8k plus a $2k check made out to us after closing.

is it as bad as we hear it is.The property is located around Greater Grand Crossing Close to E 71st street and the 94 highway.Greater Grand Crossing is violent, even by Chicago standards.