And if so is it held in your name or wife's name or under an entity like an LLC.

@Thomas Humke FHA allows for lower credit score, higher dti, and low down so thats what i utilized. i got my 1st credit card the minute i turned 18 to help pay for school expenses so by my junior year i had 3 almost 4 yrs of credit history and i held a almost full time (30-35 hr) internship/job. i actually didnt end up renting to college kids as the duplex i bought came with a tenant that is a family so i didnt have to worry about breaks. get a student card immediately to help build your credit if you dont have one yet.

37 units, 5 story, no basement, flat roof, has the 1980's required retrofits that connect the floor/ceiling joists to the metal plates on the outside along with the other reinforcement beams on the inside of the walls and the parapets reinforced with large angle irons on the roof, has several cripple walls in the roof space, and a few windows at the front lobby bricked up.

You've got to chisel it out, find and fix the leaks, redo the concrete, replaster the gypsum, redo the interior stucco, prime with metal or styrene primer and paint.

Given that the rental property has probably been held for a year or more, the OP is looking at long term capital gains, not short term;  a one-off fifteen percent hit.So do the math, but we'll all agree it comes down to what you can sleep with at night.What I stress, however, is that the return on investment for debt pay down is NOT zero.

Held the property for 12-13 years, sold when wanted to invest in other property.

Great increase in value - how long have you held it?

General tax question: If the property is not held in an LLC, only the partner(s) who have their name on the mortgage report the rental activity on their taxes?

But to our surprise the "niche" that our house seems to fill is housing for out-of-town family & friends for weddings being held in the area.

For instance, I prefer shower rods that are held up by spring pressure rather than being screwed to the wall.