But if you roll your equity into your home, it's alternative cost will the your new mortgage %%.So, this way your $195Kwill be working with your new mortgage rate while it could be paid off by your tenants and get sold when market is very high again.Tenants usually complains about everyday problems: A/C doesn't work, toilet clogged, facet is not working.All these cracks etc - it's the owners problem and Tenants seldom worry about that.Bottom line: I'd use $195K in investment property if it gives you more return than new current mortgage rate.But you have to factor PM even if your wife does it for free.If the ROI is less than the rate - sell it and pay less in your mortgage.ps I think using leverage will get you to your goal quicker than paying off all mortgages....but each their own

In general if you can reinvest the money at a higher return than the rate you borrow at it makes sense.

I put about 48k into a property over the last two years-good for equity and rents but not so good for the tax return viewed by lenders.

When you guys contributed cash, you should have recorded cash as a contribution in the LLC's books. 2) When you invested in the LP, you would get rid of the cash from your books and record the Investment in your books. 3) After the year-end when your investment entity (not your LLC) files a tax return,  you will get K-1 from your investment entity. 4) You will record the activity of the investment that is shown in the K-1 in  your LLC's books.  5) After the books are done recording the K-1 from your investment, your LLC will file a tax return and will issue K-1s for you guys. ( just like your limited partnership investment issued a k-1 for you LLC) 6) You will pick up the K-1s in your personal return. 

Also in NYC they have there a people with sniffing dogs who inspect their apartments twice a month to make sure they don’t return.

Should I continue to pursue this or wait until I return from overseas? 

As a PM I return calls/emails as quickly as possible or at least say "I'm really busy at the moment I'll call in X time".In any event, acknowledging the contact at a minimum.

In this analysis, income stability takes precedence over job stability. 4155.1 4.D.1.d Borrowers Returning to Work After Extended Absences A borrower’s income may be considered effective and stable when recently returning to work after an extended absence if he/she is employed in the current job for six months or longer, and can document a two year work history prior to an absence from employment using traditional employment verification, and/or copies of W-2 forms or pay stubs. 

Calculate the return a pool would have and it'll make the decision for you.

Definitely recommend you run the numbers and a quick way to do so before you get too deep and waste alot of time is to write down this:Purchase Price Cash to Close Rent-------------------- Property Tax per monthInsurance per month HOA Mortgage Vacancy (x%) Repairs (x%) Property Mgmt (x%) Total Expenses: XThen find out your cash flow INCOME - EXPENSESCap Rate NET ANNUAL -MORTGAGE ANNUAL / PURCHASE PRICECash on Cash Return NET ANNUAL +MORTGAGE ANNUAL / PURCHASE PRICETakes like 10 to 15 mins to evaluate the numbers.