I live in Stamford, Ct and Fort Lauderdale, Fl.

Quote from @Michael Overall:I understand the utilities will go to basis, on the interest is it able to be yearly deducted based off the conversation you referenced if using form 4952According to one of my colleagues on that thread - yes.According to court - no.

There are so many variables and some of the biggest misunderstandings come from regional variances on how these variables are handled (mortgages & financing especially).I had thought progressing towards multifamily and then commercial was the obvious path to follow, but one conversation changed it all.

Better to spend $60-80k for a conversion than over 120k.  

Live off of equity as you sell or live off cashflow.

When my loan was not going to close, it was one of the options that my broker and lender told me about and actually referred me to for a conversation.

I know when you buy a foreclosure in Oregon and you intend to live in it you can evict.

Just save money and etc....This conversation is not for you.

Happy to keep the conversation going if anyone wants to dive deeper into trends or specifics!

I normally advise that people start a business as a sole propeitor in their first year.If it is successful and something you want to continue, then have a conversation regarding entities.