Purchase price + improvements = basisFrom there, you would need to meet the requirements of the STR Loophole.

I'd also love to meet more people doing this!

Here are the common exceptions:Relocation for Work: If your job requires you to move a significant distance from your current property (usually over 50 miles), you may qualify for a second FHA loan near your new workplace.Increase in Family Size: If your household has grown, and your current property no longer meets your family’s needs, you may qualify for a second FHA loan to purchase a larger home.Co-Borrower Separation: If you co-signed on an FHA loan and are no longer living in the property (e.g., after a divorce or separation), you may qualify for a second FHA loan for your primary residence.Non-Occupying Co-Borrower: If you were a co-signer but did not occupy the original property, you may qualify for another FHA loan as the primary borrower.Important Note: FHA guidelines typically require you to demonstrate that the current property will not meet your needs or is no longer feasible as your primary residence.2.

Of course this can be different depending on where the property is located but if you can meet these requirements, then it would be considered a bedroom.Notice that closet isn't listed like I had pointed out in my first post.

My partners & I are flipping in Chattanooga so I hung out there for a couple of days, meeting my contractor and agent for the first time; of course I went by and took at our flip. 

I am there vetting GC's, researching investment properties, and meeting with agents. 

We have some meetings coming up in a couple days with lawyers and banks so hopefully it goes well.

I look forward to meeting amazing people in this community!!

It takes time with court meetings, etc as a debtor or creditor. 

For tax purposes, it’s about whether you pass the 750-hour rule, the 50% rule, and meet the material participation requirements.