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Updated over 2 years ago,
Can I cash out refinance a STR setup as a second home???
I am researching purchasing a property to be used as a STR (page county, VA). I have been advised to purchase it as a second home before putting it into an LLC to do the renovations and listing it for rent. I plan to use platforms like Airbnb, VRBO, etc to market and rent the property.
Will I still be able to write off the expenses associated with the remodel if it is purchased as a second home??
Will there be any issues doing a cash out refinance to put towards another property in a year or so?
this is my first attempt at a short term rental, and advice is appreciated.