I’m considering keeping it to do short term rental and producing some cash flow while paying off the rest of the loan.

From there, you can figure out if additional benefits can be achieved via real estate professional status or the short term rental loophole for instance. 

Augustine will have steady short term rental occupancy? 

Here are some considerations for each option:Option 1: Using the HELOC for a down payment and renovation on a second property to rent:Pros:You can leverage your existing property to acquire another investment property without selling your current home.Rental properties can provide a steady income stream and potential long-term appreciation.You can use the HELOC funds for renovation, which can increase the property value and rental income.Cons:You'll have to manage the property yourself or hire a property manager, which can be time-consuming and add to your expenses.There is a risk of vacancies or unexpected maintenance costs, which could impact your cash flow.You'll have to pay back the HELOC, which will increase your monthly expenses.Option 2: Building a new house in a new community and selling it for a profit:Pros:You can potentially make a significant profit if the market is favorable and the property value increases during the construction period.Building a new house allows you to customize the property and potentially attract more buyers or higher rents.Cons:This strategy involves a higher level of risk, as you're betting on the market to appreciate in a relatively short period.There are many unknowns and potential delays in the construction process, which could impact your timeline and profitability.You'll need to have a good understanding of the local real estate market and construction costs to ensure that your project is profitable.Before choosing either of these strategies, consider the following:Research the local market conditions in Chandler, Arizona, to understand the current demand for rental properties and new construction homes.Consult with a real estate agent or investment advisor who has experience in the local market to get their insights on the best strategy for your situation.Evaluate your financial situation, including your income, expenses, and risk tolerance, to determine if either strategy aligns with your goals and financial capacity.Consider the tax implications of each option, as this can impact your overall profitability.Create a detailed financial plan for each option, including projected income, expenses, and potential risks, to help you make an informed decision.Ultimately, the best strategy for you will depend on your unique situation and goals.

You do not want to refinance relinquished property shortly before you sell it in an exchange.As a general rule, the IRS will take issue when a taxpayer refinances and strips equity out of a relinquished property shortly before selling it in an exchange.  

There are a few major factors that I consider when looking into a deal-making sense.Let me first start by telling you why I believe this is a good deal then I will go into my deal killers.Why this deal works:1. 0% down seller financed2.

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If anyone thinks they have the expertise to target pre-foreclosures in the face of federal laws, attorneys being in the mix dealing on either side of these matters, Realtors being aware of the legal environment, banks delaying procedures in anticipation of sales or solutions, bank employees reviewing contracts and pending steps, what a seller may do in expectation of a sale and other issues.......well, you just have at it.  

So just purchased my first rental property last week and during closing the seller of the property got stuck paying a lean on the property for $4000 dollars due to several different old tenants not paying their electric bill. 

Lastly, consider short-term rentals if permitted, especially in the off-season, while continuing to seek long-term tenants.