It's always a good idea to consult with a qualified tax advisor to help plan these things, but I don't see a problem with what you've described.

I hope the wisdom of the Bigger Pockets community will have some experience, ideas and/or insights to share.I have a few houses in the same neighborhood.

Doing that and getting a property manager in place are great ideas!

Is there any real estate investors here in that area who can share some ideas and give me some advice?

I personally hope to meet like-minded people from BiggerPockets, to be able to exchange ideas about real estate investments in general and to build up a network.I am currently trying to find the most suitable investment strategy for me and the European market.

@Matthew LealProbably a good idea to post what type of projects you are looking to fund. 

Any ideas?

I don't think it will create any equity that you could pull out, but if you are planning on keeping the building, it seems like a good idea.

It isn't that i'm not curious what the appraisal would come in at, but I will likely be getting one when i go to refinance in 6-18 months and all the value would do right now is: 1) Give me a more accurate idea of what the bank would value the property at2) Delay closing as appraisals are 3 weeks out minimum right now3) If it comes in high the seller could use that info to back out4) Add additional costs (around $950) to the closingP.s. - I will still be ordering an inspection.Thanks in advance!

@Ethan Henning Looking near the Bellwood Quarry development is a great idea.