This strategy requires strict compliance with IRS rules and may not be practical for all situations.This post does not create a CPA-Client relationship.

rent out all the bedrooms to your friends. 

I use Rent Redi and it is good.I also use Excel, Zelle and Zillow which are all free or I already have them.

To all of those providing rental housing in the Cedar Rapids market, I'm curious to hear from YOU!

Currently we are finalizing paperwork and figuring out what insurance we need and just trying to figure everything out all at once.

Hi Shyam Sridharan I would recommend to get a contractor to make all the changes.

This beautifully renovated single-story gem features 4 spacious bedrooms and 2 modern bathrooms, all nestled on a sprawling 9,000+ square foot lot in a tranquil cul-de-sac.

  - Rents in my area for a 3/2 SFR are 1,800 - 2k per month (probably closer to 2k for a brand new house); so the land + house cost is going to have to be below 200/220k all in to make the math work at current interest rates. 

Based on income alone, I could buy a 30k lot in sky harbor and build a 2 bedroom 1,400 sq ft cabin that generates 50k to 60k in rental income all day long (if not closer to 55k to 65k).   

All the guest rooms have separate exterior entrances so we put keycode locks on those and guests get the code via text a day or two before they arrive.