And have you considered utilizing Hard Money for the next deal?

I have several properties that all produce great, but not enough equity in them to cash out enough to buy this place in full.

That will likely produce positive cash flow.$72K in equity based on a opportunity value of 10% is worth $600/month.

Thanks Alex, I could utilize those resources that was something I kind of wrote off.

We have found one for 150K, and I am estimating 1600/mo in revenue (split utilities).

@Adam FrancoFlips are recorded at your regular income tax rate, subject to self-employment tax.You figure out your final cost basis (purchase, rehab, insurance, property taxes, financing, permit fees, commissions, utilities, etc.) and the difference between the sales price and the final cost basis is the profit made that will be taxed as ordinary income.You should speak with a CPA to help organize things and try to minimize the tax impact.

It also has separate utilities but shares the septic system.

There are easier and better producing asset classes out there as a developer.

You should definitely require 2 forms of "proof of domicile elsewhere"  acceptable forms of proof would be utility bill, lease agreement, rental receipts, photo id. 

That will tell you how to figure the loss on income producing properties.