I’d suggest checking the condition of the new property first—you might need to put in some work if you plan to live there long-term.While I’m not a tax professional, and you should definitely consult one, keeping your current home as a rental seems like a solid move.

Here’s a great article that walks you through how to qualify for REPS status.https://www.aicpa.org/resources/article/tax-rules-for-real-estate-professionalsEntity Structure ComparisonBe sure to consult with a CPA or tax attorney as the entity structure you select can have a significant tax impact.

If you're concerned about issues, make sure to have a camera pointed at the driveway, smartlock that logs all the comings and goings, noise monitor inside and you can even place one in the backyard, and lastly get damage rental insurance on each booking that the guest pays for by baking the charge into the nightly rate.

I cant tell you how many consultations I've had that have literally saved people from thousands of dollars in mistakes because they were trying to do something impossible that some tik-tok scam spouted off in a 30-second clip.

.- Hubby owns a consulting business, income 65K-100k. - We have about 1 million in our 401K, 403b, and other retirement accounts (95% Vanguard index funds). 

You can also consult with a local PM. 

I am an inspector, wholesaler/investor, GC, and help consult with other investors!

Always consult with a CPA. 

Depreciation might be unfamiliar to some U.S. taxpayers, so consulting a tax professional is recommended

I let the tow company know they should monitor 24/7 now.