Assuming you purchased in your IRA for cash as most do, then there's nothing to deduct or depreciate because the income is non-taxable inside the IRA already.

@Jullion Cooper Congrats on your purchase!

Hi Ella, welcome aboard,Your post about your real estate ambitions, encompassing the purchase, renovation, and sale of properties, as well as the ownership of Airbnb rentals, is indeed an exciting endeavor.

Hey @Brett Baker, generally, any place with a great water view or directly on the water will bring more revenue.Of course profitability will all be based on purchase price and prevailing nightly rates in the area.If you find a cool 2/2 or 3/2 right on the water with a great view for 1.5m or a 2/2 or 3/2 house a block away for 600k, then I would look at the house over the condo.

You've shared so many gems and described a realistic depiction of purchasing an investment property. 

Purchase price: $640,000 Cash invested: $220,000 Purchase price $640,000Got it at this price because there is a non-paying tenant in unit 2 (rent value $3,500), we're in court Rehab $60,000All in cash (rehab plus down payment) $217,500Rehab included ground level basement and 2 parking spot drivewayMonthly cash flow $1,500 ARV $950,000Equity $470,000Refi cash out (August 2024) $150,000 (used to buy new rental)New monthly cash flow breaking even (non-paying tenant still in unit 2)New equity about $200,000

With those in mind, would a portfolio purchase get you there quicker, maybe. 

You will need to narrow down the zip code or street a little more based on where you decide to purchase, but this gives you a good start.

Purchase price: $175,000 Cash invested: $35,000Buyout property that needed significant upgrades to bring to rental market in 2022.

Your original purchase is depreciated over 27.5 years.