@Jason AlbashaCredit is in their top tier and I don’t have much debt besides my car and mortgage.

I wouldn't mind some advice from others on whether this is even a good move - adding debt to this property and extending the mortgage term in order to purchase additional property.

What is everyone's opinion on Freddie Mac debt service/Covid19 escrows going away and how will that effect the economy and the multifamily sector? 

My question is in order to use my rental income to offset some of the monthly mortgage payment debt and improve my DTI, do I need to show 2 years of rental income and take no deductions on my tax returns, paying a fat tax payment.

My logic was this - I can pullout an additional $17,783.75 after all fees (estimated) and use it for another deal / payoff other debts / remodel properties or I can keep it in the property where it cannot be accessed without having to pay it back.

You are paying the personal debt with a business account.

My company originates DSCR (debt service coverage ratio) loans to investors who are exactly in your position.

Also utilizing rehab stores like the Restore can help as well as looking at alternative construction materials. 

I’m currently working on becoming debt free and having a runway where both me and my wife feel comfortable (t - 4 months) until that is overwith.If I can be of value to anyone on the forum please feel free to reach out in any of the areas mentioned above.Lastly I want to keep learning and network as much as possible and getting to help as many peopleAs possible where I can.Have a great weekend All !

So the determination and reporting of value as well as handling debt and cash is your challenge when not using a QI and doing the delayed 3rd party exchange.