Heloc is going to work pretty much the same way but it'll take into account your current loan amount. 

If you did - there is a potential to save on self-employment taxes.An alternative to tax savings is to open up a retirement account/HSA and make contributions.

So, as far as I can tell, she is only doing her calculations by the straight “expenses” of taxes, insurance, and utilities, and not accounting for any kind of vacancy, cap ex, or maintenance.

Account Closed sums it very well.

We are really good at review - we typically have internal accounting departments at our clients looking at our work and other big 4 firms looking at our work (sometimes the partners in the deal are big pension funds and institutional investors who all seem to use big 4).

The PM maintains a list of vendors who they vet and must ensure the vendors are compliant with their operating standards such as having a Certificate of Insurance naming the PM as an additional insured, receive invoices from said vendors, pay vendors, checks vendor work (in some cases) and ensure the invoice is appropriately accounted for in the asset/owners account.  

Can’t have too many accountability partners to help us newbies along the way.

Account Closed You're in an awkward situation.

Unless you want to spend the time researching the questions you have I would definitely hire out your accounting and tax work. 

I'm in the process of finding a good accountant in my area, but I was hoping the community could help me with a question while I search.