@Paul DeSilva:@John Leavelle and @Anthony Gayden (above) are both correct.Unless you have more than 10 residential mortgages, or the properties are above the jumbo mortgage limits or you're trying to finance the the properties with the LLC intact, then they should qualify for conventional residential FNMA loans.For the LLC situation: my strategy is to close the loan under my personal name (no LLC), then after a few months of "seasoning" to establish on-time payment, notify the lender that I plan to drop the property into an LLC strictly for asset protection purposes.Many seasoned pros will tell you that you don't even have to notify the lender that you plan to do so, but will warn that doing so runs the ever-so-slight risk that they may actually call the entire loan due immediately.

I also go over the speed limit sometimes. :)

Putting an age limits on pets sounds like a good idea but impossible to enforce

@Michael Evans LillYou cannot deduct it, unless the HELOC was used to fund remodeling of your home or fund a business project, like buying an investment property.This may not really be a loss though.

Since there is not BP calculator for this I'm a bit at a loss as to what to do. 

If you are considering a 40-50 unit through syndication (using other people's money)...why limit it to 40-50 units?  

Ultimately we still haven’t filled the vacancies and are still having issues with a sec 8 accounting ( which they claim is not their fault and I have spoken with others verifying that the sec 8 is difficult to work with and very unorganized) At what point do I cut my losses and move on to a new PM.

I think I’d try to get 2 or 3 grand for the drama. 0% chance an inexperienced person with limited funds is walking away from 10k.

Here is more on Home Possible:http://www.freddiemac.com/homepossible/Here is a lookup to see if your property is in a census tract with no income limit for Home Possible:http://www.freddiemac.com/homepossible/eligibility...For Fannie - yes, it is possible your DTI is too high but that would mean the opposite of what you said for Fannie above (the lender said your income was too high). 

Lets say ARV is 200k, your limit is 65%, so the MOST amount of capital a lender will give you is 130k in a 1st position.