Batch Money LLC might be a legitimate lender, @Maksim T Karasavov.

Hi @Norman T Eng, these days you can get a 30-year conventional loan with interest rates in the 4s (I'm paying a fraction of a point to get 4.25% on my current loan which I'm very happy with).  

The reason why I only want to take out 40% of my equity is because at this rate, it will still cashflow nicely for me when I turn my primary residence into a rental in the near future :) tl;dr: Cash-Out Refi to lock in good rate vs Refi to lock down better rate and obtain a HELOCAnybody else in a similar situation? 

Can anyone guide me with info to help with making sure I don't need to follow up and add a for 990-T to my taxes.

What are your thoughts about buying older buildings built in the 1900 to 1920 timeframe. mainly d/t low property taxes and age of buildings the  numbers appear favorable. also in poorer part of town. 

One of the hurdles in buying these properties (and the reason you can get a good deal on them) is that oftentimes they have deficiencies that make them ineligible for government financing (FHA, VA, USDA) and make it much more difficult to obtain conventional financing. 

In that case, at least both of you as agents would have crossed the "t's" and dotted the "i's".You'll have to make the call, and I'm not here to accuse anyone. 

Adam, in California most of those items are required to be done during the tentative map stage which it sounds like David has already obtained. 

I would like to obtain a HELOC on the property instead of a full cash out refinance. 

So over the past couple of years, I've slowly processed several wholesale deals, obtained a rental and completed 1 flip.