Primary Conversion and STR- Any experience ??

[Ellie Ha Nguyen]

Hi all,

We are submitting an offer for a duplex in San Antonio and planning to use it for STR. Currently we have our primary residence and planning to do primary conversion on the duplex and the current primary residence will be used as rental property. Anyone has any experiences with all that and how does it affect your new mortgage requirement, tax reporting and deduction, etc. Would love to connect with all other investors, agents, and lenders as well.

Otherwise, have a great day :)

[John Underwood]

Quote from @Ellie Ha Nguyen:

@John Underwood Yes she does. I am only planning to STR one unit and live on the other.

 I would really have a tax planning session with your CPA to make sure you set things up with the best tax consequences for you.

I beleive the investment properties will just be reported on a schedule E.

Keep track of all your expenses from day one like closing costs etc. Then Track all your income. I do this in Excel for many properties. Then you can add up categories at tax time for each property to give to your CPA.