Do nothing. continue to live in the unit free and clear and just continue to pay HOA dues and special assessments as they come.

It depends on how you split the revenues.If the house is free and clear, you two should decide if you get to bank all the money after paying expenses (taxes and insurance) or if you have to split it somehow in favor of your rehab work or just 50/50 the whole time.Also, if your friend decides to sell it year 2 or 3, and you still haven't recouped your rehab funds, do you spit the proceeds of the sale?

If other CPA's and tax professionals would like to chime in on their insights on items I don't mention or if something seems inaccurate, please feel free to comment so I can also learn more about this.

Feel free to reach out.

If you need any help feel free to shoot me a message.

Dude live rent free and save up for your next deal.

Use my free editable Net Worth Worksheet that I created to track all my assets, liabilities and expenses and what I still use today to keep my finances in line.Line up your professional partners.

Use my free editable Net Worth Worksheet that I created to track all my assets, liabilities and expenses and what I still use today to keep my finances in line.Line up your professional partners.

@Lucas Carl he has provided lenders, but never hurts to ask for other recommendations also.Feel free to PM me.

pay the first off and you own it free and clear.. rehab or get it stable sell it. or keep as rental.. that's what your options are. or do nothing and let the first foreclose if it bids up past what the first is owed you would be entitled to whats called overages as your the second..