Here are the details of his current mortgage: Purchase date: October 2021Purchase price: $521KCurrent loan balance: $450KInterest rate: 2.75% (30-year conventional loan)Current market value: ~$620KRent: $4,200/month (he already found a tenant)I’d really appreciate your thoughts on the following:Considering the family relationship, should I do a deal with him?

Needing to update plumbing and AC in a rental property, but this would almost drain my funds. 

Wire fraud CARRIES A PENALTY OF UP TO 20 YEARS IN PRISON AND A FINE OF UP TO $250,000, while filing a FALSE TAX RETURN CARRIES A PENALTY OF UP TO THREE YEARS IN PRISON AND A FINE UP TO $100,000. 

.: All the above answers are great, and the thing that I remind people is if they sign a binding contract (lease agreement) and something happens where the renters insurance would help the renter/owner in a situation (i.e. break-in, water damage due to the property because the tenant etc.).You can only do so much and you need contracts to back you up.  

I'm sure someone here can math out that what I did was dumb and it would be worth more now in the long run had I left it untouched, and candidly had I known about the market runup we had in covid I may have, but that wasn't garanteed at the time, and what I used it for ended up being a major pivot point and one the best decisions we ever made, so while it may not make sense when you math it out, I'd do it again to put us in those positions again.

@Tom DeMuri I guess you had to learn this the hard way but for others, you need to assume the property tax assessment will go up to the price you paid.

Knowing the way vinyl wrap holds up on cars, I would imagine they would look pretty crappy in short order.

The IRS allows you to deduct up to $5,000 of startup costs in the year the business becomes active, with the rest amortized over 15 years.

AI frees up time from the simple tasks and allows us to focus on creating value.

Why not move back into your original house;1) Start fixing it up yourself2) STR or MTR your bedroom in the other house