In addition, you still need to meet the IRS requirements for material participation in each property or elect to group themBased on what you say it sounds like it would be challenging for you and your wife to meet these requirements unless she gets involved in more real estate activities that qualify for REPS hours. ...

Principal balance currently at 314kProperty Details: It's essentially a "2-in-1" property, with the main unit rented out for $1,900/month and an attached ADU bringing in an additional $1,200/month.

We lease a platform for online access and efficiency with both a lender and investor portal.

If you’re doing updates to a property, they can provide you with a list of qualifications to help your property be more energy efficient maximizing tax deductions.

However, just because I don't agree with it doesn't mean I am in favor of the Government being given additional power to enforce additional laws and restrictions that infringe upon our freedom.

My goal is to live in the home during the winters, maybe 3-4 additional weeks for vacation, then rent it out to help cover the mortgage the rest of the year.  

.## Additional Resources- Check out the BiggerPockets podcasts and webinars for more insights on these strategies.- Read books like "What Every Real Estate Investor Needs to Know About Cash Flow" by Frank Gallinelli to deepen your understanding of real estate investing.- Use local real estate agents who are familiar with investment properties to help you find the right deals.You're taking the right steps by seeking knowledge and networking.

Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

In addition to rent, you can setup late fees and other fees to be collected. 

My updated expected monthly rental income will be $2,800, resulting in a cash flow of $795 per month (excluding my share of the split utilities).I plan to set aside at least 80% of my cash flow for property-related expenses.Additionally, I’ll be installing keypads and security cameras for enhanced safety and operational efficiency.