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! 

Creating a catalogue of info and answers for the general benefit of those in the future in addition to the poster.

I will investigate TCS to see if I can add it to my funding arsenal.

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 . . .

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.

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.

If the marginal cost increase in buying a house that can be house hacked (a house with a basement, a duplex, etc.) is less than the rents you expect to bring in from renting the additional space, why not do it?

Additionally, Gilbert and Chandler have emerged as strong markets for short-term rentals, benefiting from a combination of year-round tourism, a family-friendly atmosphere, and proximity to major attractions.