Here is a good page from the IRS that explains the tax implications:https://www.irs.gov/individuals/international-taxp...Basically, you would likely be filing a Form 1040NR.

The lender I talked to tried explaining to me that in order to use it again or “access the second tier of the entitlement” I would have to take out a loan with a minimum of around $145k.

Did your agent explain that to you?  

Let me explain, if he is a RE Investor, he may need someone who can run some errands such as documents, purchasing things in a hardware store etc.

This makes the calculations different than just the straight percentage of your marginal rate (like on Schedule A).Your tax accountant can explain this in detail.

Go to your local United Way  or Red Cross, Salvation Army,  explain your going to lose your housing due to disrepair and would like assistance in finding housing.. they may be able to help. 

Thanks guys, thanks for explaining the importance, proof of what they say... here is what we will tell them when they call...

You could build a brand new house on free land in some parts of Milwaukee and not get your money back on the sale, which of course explains why no one does it.The other posters are correct, you are not allowed depreciation on land, but you are allowed depreciation on buildings.

Likely, it will be at 3% or so, which means you use their money at 3% while your policy earns 5% and you'll go make 25% with the borrowed money on a flip. 5) guarantees to never lose money (there's reserve requirements to back your accumulated money)Happy to explain this more privately... there's lots of details there.

As a side note, you should watch the movie "The Founder" ... it is about Ray Kroc and explains how McDonald's is in the REI business, not the burger business ... similar type concept ...