I think a reduction in gross rental income of 50% is more than what would likely occur.

There are things you can do to mitigate some of the damage that is more likely to occur from pet owners (mainly flooring choices during the next turn).

@Ray ThiettenI would talk to your attorney to make sure no prohibited transactions occur.

I’m just saying you don’t have the right to harm someone’s pet.

Thanks for the response.. heres a couple images of the gutted unit.. pipe burst occurred on the unit above and messed up the kitchen.. seller didn't know this happened as its been vacant.. also, mostly all the comps were off market and pics aren't showing anything.. hope this helps.. 

That would be amazing locally if that were to occur and I am cheering it on.

You didnt depreciate so no harm no foul, imo.

I have been waiting to post this to see if anybody else would chime in ad to monitor your activity.However I think your comment here does more harm than good.

Is there any harm in opening up a HELOC just to have it ready, even if I can only get a ~$15,000 line?

I was in a similar situation last year but the problem occurred a couple of weeks after closing so I took care of it.