Ross - there’s lots of great CPAs on here that can help.

Quote from @Felicia Nitu: Quote from @Jay Hinrichs: hope it works.. but throwing in the affordable housing requirement a lot of times kills the project right there.Also at least in markets I have worked the time lines START from completed submission.. you make your submission and then get an incomplete letter this goes on for months and months soo time lines still extend.. but at least its a step in the right direction hope if works.Hi Jay, the affordable housing requirement can definitely be a dealbreaker for some projects.

I am guessing only you would be signing the 18 month lease and this individual who is there to "help" won't be voluntarily offering their signature as a co-signer?

Does this strategy make sense, or am I overlooking any potential pitfalls?

What goals do you hope to achieve through this property?

Providing a simple and easy move-in process can help create the best experience for new tenants.

Quote from @Jokari Trueheart: HI, almost 11 months ago I purchased 3 duplexes and I borrowed the funds from my personal residence which I took out a equity agreement for the down payment on the investment property, great idea at the time because I have 10 years to pay it off and theres no payment requirement, but , I learned more about the consequence that it takes a large chunk of my equity the longer I take to pay it back, so my goal was to refi cash out the investment property to pay it back but I don't think theres enough equity yet to pull the full $106k needed, I only borrowed $88k but with the equity percentage for one year i'm paying about $18k in equity on top of the amount I borrowed if I pay it off in year one, so I need this paid off ASAP before it increases more.

The accounting class will help you keep your books in order and understand your taxes.

-Also, we absolutely pitched in to help with legal fees, $50k like you mentioned.

I just acquired two fixers in Whatcom county that I will be rehabbing this spring.