I use Smart move because I want to see their actual credit lines, accounts, balances, etc.

  $300 or repairs and maintenance.My current assumptions: - The $25k down payment is not an income statement expense as that is capital investment and would hit the balance sheet.- The $75k remaining on the house is also just a PP&E item in the balance sheet that gets reduced by depreciation over time.- The $300 of repairs and maintenance should be expensed.- The $500 should be split into 1) Principal ($300), 2) Mortgage Interest ($150), 3) Escrow/Taxes & Insurance ($50).- I assume the $300 of principal would only impact the balance sheet and not the income statement.- I think the Mortgage Interest $150 and Escrow/Taxes & Insurance of $50 would be on the Income Statement as they are expenses that are not capital in nature?

If you can borrow, the amount will be limited based on some formula, probably a percentage of your current balance.

Outstanding balance of $245,000 with current value of ~$350,000. 

Original balance on the loan was 1.3M in 2009.

It's a balancing act. 

They still have to return the deposits as well as balance I keep on hand with them for minor repair. 

Financials:Purchase price (2001): 155kMarket value: 305kMortgage balance: 300k (1st 132k, 2nd 168k)Mortgage (P&I): 2100Rent: 1795Mgmt Fees: 142Pool Maintenance: 120Taxes and Insurance: 190Cash flow: -800And how my CPA is calculating taxes (this is assuming net proceeds of 296k):Basis: 125,600Gain: 170,400Rental activity loss carryover: 15kTaxes: 39,200 (Fed: 31600, State: 7600.  50k in my original post was incorrect.  

I have heard of investors getting the deed and paying off the 'principal balance' as opposed to the payoff.  

If you have a credit card with a $20,000 limit, and you have a $19,000 balance, that looks far worse than the same card with a $2,000 balance.Your original post says you have a close to 700 credit score.