We've listed one of our investment properties for sale and we're trying to look at our options for the subsequent purchase.If we net what we hope to for the sale, we're looking at about $265k ballpark after all is said and done. 

How much should I draw?

We can find you a HUD consultant as well as possibly a contractor and one of the most important pieces is the draw process, which is something a lot of people overlook. 

Something that I have thought about is where to draw the line between being okay understanding real estate investing is a long term thing and simply accepting slow growth.

It's best to have an experienced Real Estate attorney draw up the LLC for a partnership (after all of you consult with your tax CPA about it FIRST).

I wouldn't make it a long term policy for your future new tenants or if you run dozens of units......The is unquestionably a time to draw a line in the sand and "my way or the highway"....but this isn't it IMO

If you don't draw down on it, you aren't paying for it (some banks do have a $50 or $100 fee per year to keep it open, but that's negligible).

It’s renting for 600$ monthly till 11/2020.. draw back is it’s high crime.

There will be a transfer of wealth from the elderly to their children, plus a great decrease of draw on social security, Medicare, and Medicaid. 

Definitely don't underreport expenses, as Eamonn noted that is fraudulent - you are misrepresenting your income to the mortgage company.You can certainly work with your tax pro to make decisions that can draw out or accelerate expenses - taking or electing out of bonus depreciation, 179 depreciation, at what level  of expense you capitalize vs write off (de minimis safe harbor), election to capitalize repairs and maintenance you otherwise could have written off, making or not making small taxpayer safe harbor.Of course talk with your lender to see what they add back - if they add back depreciation/179/bonus, then that isn't a reason not to accelerate.