This is important because both of you want to have a clear understanding of the work that will be done so don't just assume they will do some things and have it in your contract.

I'll give my advise based on my understanding of the sitution so hopefully, I understand it correctly: You bought an investment property with a structure (house) on it but which also includes an additional .34 acre lot next to it which is included in the deed and you now want to SPLIT the undeveloped .34 acre from your property and sell it sepearately, do I have that correctly? 

I'm running to BiggerPockets because no one else understands what I'm doing or how excited I am.

Being a realtor is a great start to understand the market and the industry!

Our plan was to use this HELOC to secure off-market deals from wholesalers and then pursue refinancing.Concerns and Seeking Advice:However, I've read discussions, indicating potential challenges in refinancing when a significant portion of DTI is tied up in a HELOC.Given our situation, I am keen on understanding:1.

With the Duplex now, my understanding is I file as though the rental half is a separate property and cut all expenses in half as a write off to my rental income (property tax, insurance, maintenance, improvements, etc...nothing was done specifically to either unit it was full home external work like garage and railing repairs, painting) as well as depreciating the half of the duplex that is a rental after calculating basis.It all seems very straightforward to me but I know I'd be naive not to have a second set of eyes with a professional given my lack of experience.

I agree that approaching business from a point of view that understands business tends to ebb and flow naturally no matter what business it is, is a mature way of facing day to day operations.

I understand the qualification criteria for REPS but have a slightly unique situation that I haven't found any answers for by searching...99% of my income is from my insurance agency that I solely own.

I do plan on keeping this long term and my understanding is I can always refi it into another loan.

My immediate goal is to buy my first rental property this year, get my feet wet with wholesaling one property in the next six months, and better understand the market.If there are any meets up or other networking events in the Charlotte area I’d greatly appreciate knowing about them.Best,Elliot Criss