Without knowing more details about your property, the 10-15 year terms are the reason why you're paying high monthly financing costs.

Account ClosedYou can technically get a HELOC right after purchasing a home, but most banks will only do up to 80% LTV max.

Would love to speak with someone in Greater detail.

I would need to see pics and detailed bid for rehab to get a better idea, but 60k does not go far on a 10 unit. 

See section 453(l)(2) (B) for details.

It's not technically correct, but close enough if you're doing it yourself. 

Believe it's meeting this Thursday (22-Feb) at Renton Technical College. https://www.meetup.com/Fixated-On-Real-Estate/Real Estate Association of Puget Sound (REAPS): http://www.reapsweb.com/Seattle Investors Club (SIC): https://seattleinvestorsclub.com/Cascadia Investors Alliance: https://www.meetup.com/CascadiaInvestorsAlliance/Each can focus on different areas, but they're all excellent for networking with other investors and RE-focused business partners.Keep listening to the podcasts, start joining the networking events, and you'll start to define your goals and how you want to get there. 

I have not worked out all the details yet but wondered if anyone has looked into this option ever?

@Surendra Chawla Just updated some of my assumptions in prior post to give more detail.

My point was to thank Michael for clearly detailing out the rules.