If you tell the IRS it is an expense, it is no longer income.W2 income does not use a 2 year average for your base pay! 

While I’m still in the early stages, I’m incredibly motivated to learn, grow, and surround myself with like-minded individuals who can help guide me along the way.What drew me to real estate is that I saw it as the best route for me and family to have financial freedom.

5 tips i should keep in my mind when buying  rental property? 

Shoot me a message if you are open minded to that!

My goal is to get back my $750k, pay off the high interest HELOC, and get another $200k or so out of them.

I would, If in this position, take the equity in the form of a HELOC and purchase a cash flowing asset that would not only pay for itself but pay for the cost of the money while putting cash into my bank account each month. 

Used funds to pay other debt off plus out cash in the side.  

However, chances of making a mistake or overlooking an opportunity to save are higher when it comes to rentals.The dilemma is whether it's worth paying a professional in this case.

Now, this would obviously be negatively cash flowing since you would need to pay taxes and insurance.

At least in my area, it's cheaper to own a condo with the HOA dues than it is to pay for all the utilities, snow removal, waste management, maintenance, etc, that goes along with an SFR.