If your old loan was $400k and your new loan is only $300k you have essentially received taxable boot... 

Another development, he hasn't replied to me since this Wednesday and today sent me a text with another story apologizing for not responding and decided to send the $50 late fee (which I received).  

If you intend to hold as a rental, then you will pay capital gains rates as long as you hold more than a year.In your case though, a cash out refinance is not a sale.Because this is not a sale, but rather just a loan, you won't be taxed on the money you receive.

We have an AMAZING Director of Publishing, @Katie Askew , and she wants to continue to produce excellent books that you WANT to read!

Don't get caught down the road when a tenant moves out & you need to renovate but can't because you've only been receiving  $100-200 a month cash flow & don't have the money to renovate or refi. 

They received nothing from insurance, yet their houses were essentially worthless.

The deadline is very strict, and the custodian must receive the money by the deadline.If it's anything other than A or B - there could be some important complications.Once you acquire the property, ideally you should limit your personal use to no more than the greater of: 14 days, or10% of the total days you rent it to others at a fair rental price.If you exceed this number, your tax deductions will be limited.And when I say "personal use" it does not mean just you.

Excellent question!

At that price, and if the bank is willing to lend @ 80% LTV, you should expect to receive a credit line of up to $400,000.

Apply for a HELOC at 4.75% as my property received a tax appraisal of roughly $35k higher than my market price.