Ideally for the home we would put a down payment of $200k, and somehow use rental income to help offset the costs of the home as income.The town we want to buy a home allows for weekly vacation rentals and has about a 100% rental rate in July and August (rents are usually booked out a year +). 

Again, I am new to real-estate, so I am understanding that the passive income from investment properties starts off as somewhat minimal and is not going to make me rich overnight.

There is positive job growth from the tech industry, manufacturing jobs from Tesla, geographically restricted building, no income tax, low property taxes, close to CA, mild weather, and landlord friendly. 

It sucks that people in your circle don't understand or can appreciate what a life-changing decision you made by buying an income producing property! 

My CPA had a letter in my tax prep documents that says that those with W-2 income can't deduct business mileage anymore.This is the first I had heard of this.

This is what I suggest for the average person with a full time job and limited time.Of course you have to do all of the other personal finance stuff too like living below your means, reducing your means/expenses, and increasing your income with a HIS (high income skill).If you are going to flip just make sure you have 6-12 months reserves to live on and to carry the monthly private or hard money payment while you're in the midst of your project so you're not left out high and dry.Best,@Matthew Kwan@Carlos Valencia

Is it real that you can save on W2 income taxes if you have a short term rental.

When eyeing multifamily investments, you’ll likely encounter two key metrics – cap rates and gross rent multipliers (GRM).At first glance, they seem similar, but there are some important differences between the two.The GRM simply divides the purchase price by the property’s total potential rental income–it doesn’t account for operating expenses.Cap rates, on the other hand, factor in both income AND expenses to give a more complete profitability picture.The main advantage of cap rates is their ability to evaluate better and compare investment returns, risks, and value.

There is no income generation to report in 2023, but can the business claim any losses?

Even for most of our 2 income families that’s a hard sell.