@Ravi KaruturiHello RaviI hope your enjoying the weather down there in Texas, I don’t personally live there but I would love to jump on a call and discuss your situation.

Maybe you use the cashflow to pay down the principal and then use your personal income and savings rate to grow the portfolio. 

- Loan Type and Liability: Implications of personal vs.

I work in and around the Osceola County, Florida area and I'd be more than happy to help out any person willing to learn about how they can grow a passive stream of income.

Lower of cost or market for determining the basis is also the correct way to treat a personal use asset being placed into service for business purposes.

I hold land personally with my wife that I am selling and at the same time I am purchasing my first str.

If you don't want to get your lenders in trouble, pick up a copy of Lend to Live in the BP bookstore for both of you to educate yourself on how to do it the proper way so that it's a true business transaction and not cutting corners just because you know each other personally. 

I played the part, she lost, and it took an extra three weeks to get her out.You can't take it personal or it will wear you down.

My W2 covers my expenses personally. 

You need to keep in mind the person that was living in your property is a seasoned lowlife.