I'd like to access this equity through a Home Equity Loan (HEL) and use it to make downpayment on another investment property purchase (12 unit bldg).I bought this 4-plex in my personal name with a conventional mortgage .

However, I'm starting to worry about managing these properties once I relocate.While cash flow is likely to break even or be slightly positive, paying 8-10% for a property manager would significantly eat into my margins.

Lenders like us are usually going to require some experience doing the types of projects you plan to do.

Being a tax professional I would say currently it doesn't sound like something you need just yet.

So depending on which of those you see as a benefit, you'll likely prefer one or the other. 

But it was like dealing with the mafia.

I know rates have dropped a decent amount in the last week or 2, but based on what i am seeing/hearing about rates likely to continue dropping, wondering if i should hold out??

I like the idea of starting local since I know the Miami Beach area well, and buying a studio like the one I’m renting feels like a safe first step, so I’ve been looking at similar properties to what I currently rent online and running numbers.

and I'm gearing up to start the rehab soon.I invest remotely but will be visiting Detroit in a few weeks to spend some time on the ground.

Hi Ellen, typically, to claim mileage deductions on your taxes for travel to properties, you would need to either own the property or it would need to be your job, like if you were hired as a property manager.