An appraisal usually matters most to lenders.If the PSA has a clause like "property must meet or beat appraisal" or "contingent on financing rate/terms acceptable to buyer" then you may have an out.If not and you've got a p***-poor buyer broker, then if you want out, the E/M (again READ THE PSA) may be in jeopardy of being surrendered if the buyer walks. 

Would now be a good time to buy real estate, or just wait for t h e market to go down further?

Property #1 went into service 2015 so the way you accounted should have changed on the 2015 return showing on Schedule E, maybe this CPA called you a rental dealer??

@Stephen E. thanks for the great feedback.

I know a vet who got out as E-5 and house hacked quads and triplexes using VA (I think VA jumbo loans) and made a load of money.

@Wade E Wiegel I’m an investor local to Beaufort SC and would love to learn more about your property!

Hi @Kadeen E Lyons  Thanks! 

@Lynnette E.

I understand this is a mistake.The cash out refi numbers are as follows (3.99%)(monthly mortgage payment, which includes [principal, interest, escrow] = cash to me$2,200 (P+I+E) = $195k (This is the max, 80% LTV)$2,000 (P+I+E) = $175k$1,900 (P+I+E) = $133kIt was advised to me to go the $195k route and in hopes, make up for the $400 difference in rent/mortgage a month ($1800 + $400 = $2200) to enable me to go buy another property but also put $25k into a bank account to fund repairing the properties.

(Local tax in BC designed to limit foreign buyers who buy and let property sit empty) Before you buy, you should request a set of documents from E-Strata Hub, .. a Depreciation report and a copy of the Strata's most recent insurance; AGM minutes to check any recent Special levy projects that have been completed or if you are due for a large project soon.