Just to be clear we are doing massive renovations at 1st turnover and then placing qualified, mostly low maintenance tenants in the units-- but the units we purchase are mostly outfitted with 30-50 year old fixtures and finishes so everything has to be redone.

Now @Nathan Gesner has used leverage to buy multiple properties that have massively increased his net worth.My thoughts are definitely pay off the smaller loan and get a line of credit. 

Dining set is a Thomasville oak, 3 leaves and 8 chairs with a buffet, $125.

With this massive spike in appreciation seen in our market, appraiser were playing catch-up in 2020 and less so in 2021.

Primarily because everyone "gets it" and generally less expensive to operate, barring an unseen massive capital expense.

Being in your position, the last thing you want to do is take on a massive miscalculated risk and have to start over again.

Phaseout itself will take 5 years, and 80% of the benefit this year is still a massive perk5.

You don't want to risk them suing you which even if they lose would leave you with a massive headache and legal fees.

This, behind the back of the lender, who may now call the loan due: a massive risk.do you see the irony here?

The market is soft right now compared to this fall (probably because tenants are feeling the burn of this massive inflation) but the rents are still way off.