Since I’m a general partner on two multifamily deals and I spent over 750 hours on those deals this year, I would use a “grouping election” to qualify as a real estate professional.

You still need to qualify leads, and the carrier obstructions that come and go can derail your momentum.

Will all the money put in during the the first calendar year qualify?

However, holding costs would be about $2600/month, and rental income would only be around $2300/month, leaving us with a small monthly deficit until we could get an FHA/Conventional loan as my DTI is too high to qualify for FHA or conventional loans until my income average increases in April.

This structure lets you leverage rental income to qualify, without needing traditional income verification, making it an excellent option for building/scaling your portfolio.

Get qualified for the end loan now.

The bonus depreciation goes down to 40% next year, so I want to make sure I would still qualify for the 60% bonus depreciation by purchasing the property in 2024, renting it out, but then taking over the managing of it for the remainder of the life of it.  

Does anyone know if I qualify for this, if I don't have flood or wind coverage with the insurance company. 

You would need to use a DSCR loan if you plan to combine with LLC ownership or if income/DTI is a problem in qualifying. 

However dependent upon taxable income you could get away with a pretty low tax bill due to favorable capital gains tax rates.Be sure to work with a qualified intermediary and a tax professional to ensure you comply with all 1031 exchange regulations and to be sure you keep basis correct as all a 1031 does is defer your gain.Happy to help run some numbers or do some basic analysis for you if you would like.