I do put more aside for capex than most people to account for the possibility, but haven't really tapped in to that.

@Jason BocekIf you plan to file your own return - You should look into reading the following form instructionsSchedule E - supplemental income and lossesForm 4562 - Depreciation & AmortizationForm 8582 - Passive Activity Loss LimitationsHowever, you may be better off find a professional who can prepare your returns correctly and provide you tax advice.Your rehab expenses may need to be capitalized if it was paid before the property was livable.You should be entitled to other expenses outside of interest, taxes, insurance(remember paying down loan balance is not a deduction).You should interview a couple accountants here on BP.

Any advice or accounts from previous experience will be well received!

However, would most consider the $116k personal income and have a bank account where it all flows into for spending however you see fit, be it reinvesting, personal travel, etc... or would you consider it business revenue and take a salary?

You’ll need to borrow money from relatives/friends or from your retirement account (if you have one).

Account ClosedAs an independent contractor, you can design your business any way you wish.

Hi Account Closed!

I make payments from my business account to the HELOC.

Account Closed John can speak more to this, but it really depends upon your target cash on cash return, cap, and type of property you want to purchase.

Yes...I know I need an accountant, but I'm not going to be able to get one tonight or even this week, so please spare me that predictable response.