That includes the $114k in depreciation, mortgage interest, repairs, insurance, etc.

Have you spoken to a mortgage broker? 

I aim to have it show the impact of K1 losses if the syndication offers it, and that tool is helpful because some of the comparisons will show a real estate syndication vs mortgage notes or debt funds that may not offer the same tax advantages/losses.I've included some of the criteria I was putting on the Excel calculation below.

(Max vacated rents - your monthly mortgage payment) = +/- net cashflow.On the other hand, you could also look into multifamily units where you can live one of the unit and rent out the other vacant units with as little as 5% down payment.

@Devin Cutler I've had lenders tell me the funds cannot be used for things like "business purposes", "educational uses", and "new property purchases".

And you also should probably be talking to local lenders, typically going to be local small mid-sized banks and or credit unions.

You would want an closed end second mortgage instead of a HELOC for a long term cash use like a down payment.

Feel free to PM me and I will add you to our team's deal mailing list and can provide referrals for lenders, contractors, etc.

Talk to a lender and figure out the best way to use your capital. 

If you decide to go the mortgage/cash split it keep you cash fluid and puts you in a better position to have cash on hand for assets and reserves.