Sheesh.Covid-19 in the eviction moratorium is a completely unique situation that nobody could be prepared for.

From my understanding the most applicable two rules are 1) you have to have less than $150K AGI or 2) you have to be a real estate professional For rule 2) - will I be qualify if I take the test and get my realtor license?

I also have a large HELOC line available on my personal residence.Despite their language (above) the bank involved is (at least in my preliminary discussions) pitching a fit and indicating that if I use the HELOC to bring additional funds to the transaction or do 3 mortgages (pay down with my cash and then refi to get funds to do the next 3 and then the final 2) that it deems either strategy as equivalent to directly (and in the first instance) refinancing with another financial institution and will not release my collateral unless I pay their penalty.I am prepared to call this a mistake on their part and am seeking legal advice, but I am interested if anyone else has been through a similar episode.I don't get how they think I should be stopped from mortgaging my personal residence and then bring those funds as equity into the LLC's (the actual borrowers) to pay them (the bank) off.   

I even prepared a business plan for it, including 1st year proforma P&L and 10-year projections.

My next step is to possible Air BnB proof it with certain locked cabinets and locked storage space that will allow me to easily prepare it for AirBnB on the weekends.

Its important that your agent is able to provide you with a properly prepared CMA so that you know what you are buying is worth what you are paying for it.

Last month I purchased 2508 Ashley Rose Terrace in Henderson for $525k and tested a $2,995 rent rate and secured a quality tenant at this higher rent rate.

That doesn’t meet The “1% test”.  

The last 18 months have been an opportunity for all investors to test our contingency plans and comfort with the current structure of our portfolios.John

We now have people that took a couple of classes on line and bought a couple of books and were able to pass the test.