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Updated almost 7 years ago on . Most recent reply

User Stats

7
Posts
4
Votes
Nick Kraska
  • Chicago, IL
4
Votes |
7
Posts

New to this: Short term rental, but my own frequent use

Nick Kraska
  • Chicago, IL
Posted

Hi all-

Looking at property in the New Buffalo, MI area (beach town, 1.5hrs to Chicago).  I live in Chicago and was looking primarily for use for me and my wife, but with the thought that we could get a little extra income renting it out while we're not there.  So it's not strictly an investment property I guess - in that I bet it will not be positive cash flow.   I think I read that if I use it more than 14 days, it won't qualify for most of the good tax deductions. How do they know how much I do or don't use the property?  There are tons of local management companies that could handle everything if I wanted to, or could try to do a lot remote since it isn't that far away and I do have a friend on the ground I may be able to get to be my guy on the ground.    Anyone doing something similar or other words of wisdom?

Thanks in advance!

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