As I'm in a similar situation my truck is almost payed off and ill have the option to buy a house soon.

Hi Friends in Biggerpockets,I am trying to get cash out loan (30 year fixed) from my primary house as and use it to do real estate investment.My plan is to use the refi-ed cash to do both purchase and rehab (then rented it out) and I wanted to deduct the loan interest.I know from purchase side, the amount of mortgage interest can be deducted as expense for as long as the loan exists and I hold the rental property.For rehab, the situation is more complicated.

If you don't want to hurt your old accountant's "feelings," I would just tell him that after discussing the situation with your partner, you both felt it would be better to have a separate CPAs for the rentals than the main CPA that you both use. 

I'm definitely going to have to start with a house hack and then your right I'll have to evaluate my situation at the time.

There will always be another deal down the road, but a bad financing situation will ruin you

. Ownership of a manufactured home and the land on which it is situated that is titled as real propertyType of Property Ownership NOT to include in Financed Property Count: Ownership of commercial real estate. Ownership of a multifamily property consisting of more than four dwelling units. Joint or total ownership of a property that is held in the name of a corporation or S-corporation, even if the borrower is the owner of the corporation and the financing is in the name of the corporation or S-corporation. Ownership in a timeshare. Ownership of a vacant (residential) lot. Ownership of a property that is held in the name of an LLC or partnership where the borrower(s) have an individual or combined ownership in the LLC or partnership of less than 25% and the financing is in the name of the LLC or partnership. Ownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home).

I do a lot of work on the side and feel my skills could be of use in the right situation.

Hey everyone,Here’s my current situation.

I these situations the exit strategy is determined that property is to be sold in year x.If it’s 50/50 then in many instances costs and profits are split.

I was in the same situation you were just a few months ago, and investing in real estate (albeit actively) is what eventually got me to a level of "financial freedom" that allowed me to quit my full time job.