At the time of sale, we would amend our existing mortgage to ensure the sold property is no longer collateral for that mortage. 

However, you can defer taxes under §1033 involuntary conversion if you elect to reinvest the proceeds into a similar rental property within two years (three years if the government condemns the property or threatens to do so, and four years for a principal residence in a federally declared disaster area).To reduce taxable gain, consider:Electing §1033 treatment and reinvesting the full $300K into a new rental property to defer taxes completely.Partial reinvestment, where only the portion not reinvested is taxable.Properly documenting all replacement costs and property details to ensure IRS compliance.Using cost segregation on the new property to accelerate depreciation and offset future taxable income.Since the §1033 election must be made, consult a tax professional to ensure compliance and maximize deferral benefits.This post does not create a CPA-Client relationship.

If they pass all of the checks and have the proper income then they have a shot at moving in.

That may increase your cost or limit the coverage you can get.The Year that the following were updated (either partially or fully) would be good to know:- Heating systems- Roof- Plumbing- electricalSome companies will not write properties with systems that have not been updated.As long as you are living there, the proper policy for a 1-4 family is a "Homeowners" policy.

This just in from proper insurance"Thank you for your interest in Proper Insurance® Due to strict brush/forest fire scrutiny, our program underwriters have declined your property coverage.

Co-Living, when done properly, should be less work per lease than LTR. 

I would recommend anyone that gets started has at least a list of 10,000 to ensure they can get 1-2 deals that first month. 

I want to stop being pennywise pound foolish and get things set up properly. 

While their services may seem expensive, they can save you money by maximizing deductions and ensuring compliance with tax laws.

.🚨 Common issues I see:❌ Not properly tracking repairs vs. capital improvements❌ Missing out on cost segregation & depreciation write-offs❌ Scrambling at tax time instead of planning proactivelyI’d love to hear from the group—what’s been your biggest tax headache as an investor?