Cash out refinances are not taxable events in themselves, but you wouldn't be able to go to 80% LTV on a MFR non-owner occupied cash out. 

Otherwise, it will be a taxable sale.There is a third option: student manages the rental and is paid to manage the rental.

To self-certify, a taxpayer merely completes a form (which will be released in the summer of 2018), and attaches that form to the taxpayer’s federal income tax return for the taxable year.

It isn’t taxable, since it isn’t income.

@Michael LopezIt appears that a Form 1099-R was required in the year the funds went into your personal bank account because that would have resulted in a taxable distribution.

Your Taxable Value on this property is $ 71,500.So here how it breaks down for your taxes in Rock Hill SC:$71,500 x 6% = $4290 (6% is non-owner occupied taxable rate)$4290 x  .4108 = $1762.33 per year  (.4108 is the current 2017 millage rate)So your taxes are going to be $146.86 per month.Here is a copy of current millage rates per county in my area.After looking at your numbers I would think your rehab budget is low.I have a lot of property in Rock Hill and you need to make sure you get a home inspection. 

The corporation will operate in the taxable realm.This is a sophisticated strategy both to setup and properly maintain, and not something you want to get from a one-man law shop.

TCJA limits the NOL deduction to 80% of taxable income. 

For discharge income: If debt > FMV = there is a debt discharge incomeIf FMV > debt = There is no discharge incomeSo, there might be two taxable gain/income Normal capital rate gain or loss: If basis< deemed sale value (lower of the FMV or debt - as mentioned above)- there is a capital rate gain.

I imagine that if I was going to sell, at least these first properties, it'd be a 1031 to buy a larger one, which from my understanding you can't deduct carried over losses on since it isn't a taxable event.Thanks for any help!