thanks @Eddie T.

I used to use BB&T exclusively, but was told they no longer do HELOC's on investment properties.

This allows us control of the property subject only to the tenant issue being resolved and we will have a minimum of capital committed and hopefully refundable at least till the tenant issue is resolved and a minimum of time.

If the property is only slightly upside down, like in your example, and the area isn’t drastically depreciating, like Inland Empire, California, then the existing financing is the attractive part of the deal.

Please make sure to email me or PM me the link to your thread, don;t want to miss it.

It is a commitments that I will never propose a solution to someone's problem until I fully understand the problem.

Because fraud is being committed all over the country.

You shouldn’t have any tax issues until you actually have income.

If it is the latter, the best thing to do is to NOT purchase a rental right now. 25k is a good starting point for investing in several markets (not necessarily NY), but you don’t want to invest the whole amount into one rental property because then you have no money to continue investing with.You would be receiving a small amount of additional cash flow each month, but you would be unable to purchase additional properties.

Committed the cardinal sin of outdated information.