It sounds good in theory, but in practice is highly unlikely.  

You have a lot going on and if you had a 457 you were a highly compensated EE.   

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But here are the basics of each class.Class A Property:This is the “high-rent district”.

The penalties are just too high. 

In high barrier markets, rents have gotten stronger but not the double digit growth we had seen, which was an anomaly.  

However, with high rates, the next mortgage would be very expensive, and a vacancy would be intensely expensive with two mortgages.

I need help analyzing this property.Address:2542 Glenn Terrace, Mount Penn, PA 19606Asking Price: $209,000Taxes: $5087 (they are really high in my county)Renovations: $10K-$15KMortgage: ConventionalCredit Rating: 712 median1.

@Cathy Ries Yes, tax planning before acquiring rental properties is highly beneficial, especially given your situation.

You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2.