Although he is a banker, he thinks having the ability to operate as a broker and place loans with 30+ other lenders, in addition to his bank, is the "best setup."

This poses an additional challenge for new RE investors.  

Some additional details needed:1.

.- Additionally, you can track income and expenses consistently using software or spreadsheets.If you track everything, you could show a loss and use that to offset other earned income (such as a W2) which will net you a bigger refund.

Let me know if you'd like further adjustments or additional explanations! 

You’ll want to check if your specific work falls under their home improvement contractor licensing, or if there are additional local permits required depending on the county.

I would never buy a STR if the deal didn´t have either of the following, in addition to making sense as a STR: A. an obvious pivot (LTR, MTR) as my safety net if the market moves against me or B. have some additional RE benefit that would make it a deal using a different strategy ex.

Wanted to revive this post and check to see if anyone else has additional information or input on rental in Cahokia, IL / Cahokia Heights, IL . . .

It's an A-framed garage with shingles roof, gutters, windows, and a 32" exterior door (in addition to a 16' operating face door). 

With this additional expense, that would mean depleting the savings we’ve worked so hard to build over the past few years.To add to the situation, my wife and I are expecting our first baby in just two weeks!