If there is an out of the ordinary issue or larger than normal expense then the property manager contacts us for approval, but other than that they know our expectations and manage the property accordingly.

It’s taxed as ordinary income, plus ss/med self employment tax....not eligible for a 1031 or cap gains. 

If you rent out the other rooms on a full-time basis, then it becomes a rental property... or a 2nd house in which you are house-hacking.Your CPA is referring to the passive loss limitations on deducting rental property losses against your ordinary or W-2 income.

Even that won't matter on this post  but it will lead to folliw questions during the interview.However, fix and flip income is generally ordinary income; and when you buy and hold depending on how long you held it for the income is generally capital gains.Much success.Bob

., capital gains are counted as ordinary income 😭) that you could broaden the field significantly if you'd be willing to consider them and forego face-to-face sit-downs, but that's up to you of course.Looking online for the continuing education track, it looks like the acronym is CPE (continuing professional education) and the "Rhode Island Board of Accountancy accepts courses from providers that are members of NASBA's National Registry of CPE Sponsors and the Quality Assurance Service".

Not sure how it will work out  We have a mgt corp for our portfolio, but paying ourselves mgmt fees just turns passive income into ordinary and brings on SE taxes.   

. - The only thought we can think of is the patio!

Purchase price: $729,000 Cash invested: $250,000 Sale price: $1,550,000 We performed the following renovations prior to selling the house:-Converted an open dining room into a 4th bedroom creating 2 closets and french doors-Renovated the kitchen and master bathroom including moving water lines and venting-Installed a beam creating an open archway-Covered the fireplace and installed custom cabinets in the living room-Built a patio with pavers and a pergola-Removed concrete patio and installed sod-Installed can lighting -Carpentry -Paint

Purchase price: $505,000 Cash invested: $125,000 Sale price: $550,000 Performed the following renovations:-Roof replacement-Converted doorway into an open archway-Kitchen replacement including flooring and moving and running water lines-Converted window into a patio door with patio steps-Lighting & electrical panel and fixtures-Painting exterior / interior-New Gutters-Carpentry-Landscaping

If you sell immediately it is a short term capital gain and treated as ordinary income.