Who knows if that is true or urban ledgend.HUD (Housing and Urban Development) the people who bring you the lending industry, seem to think it's okay.It's line 503 on your closing statementClick to enlargeYou can click on my website link below and see a whole slew of Subject Tos we've done I'd be happy to answer any questions  With respect, there is a difference between having an available line on the settlement statement versus approval of any action.   

ALL DUE respect, terrible choice, ok so you made 130k, 65k each, after taxes, 40k, so what. 

@Eamonn McElroy with all respect, your answer confuses me further. its either passive or not.If its not, its trade or business income.   

I respect your opinions.

In this respect, it's high time that some of the many disgruntled people who have bought into their deals swallow their pride and speak up so that others don't make the same mistake they did.8.

Appreciate any assistance here because our respective accountants disagree and the partner's taxes were already filed. 

Also, in my experience, some tenants are willing to spend some more money in rent for a higher perceived quality than a competitive available rental, and/or may treat the property better with more respect, and/or may have a longer tenancy, or the property may rent quicker.So, the previous post’s comment, is incomplete and/or lacking some other considerations.

You can lookup here: https://www.knowyouroptions.co... and https://myhome.freddiemac.com/...If the loans are backed by either of these, you may need to reference their servicing guides to explain to Chase that they are required to allow you to transfer the property to an LLC per the terms of the respective servicing guide.  

Respectfully, Frank 

After you hear back from the city, you can then make your case with respect to the public interest in releasing this information, if necessary.