@Cole ShawdThis question is difficult to answer as we don't have all the information.There are a couple of reasons your CPA may have said what he said.1) You may be making over $150,000 and not eligible to utilize passive losses from your rental against your other income.

@Philip OlivierYour tax profile is a little bit more complicated and such I think you should hire a professional(I am a little biased).Since you make $100,000 from your full-time job - you should be eligible to deduct the losses(if you have them) from your rental property so long as you don't have significant income from other sources including the short term rentals. 

Maintain the property and begin implementing strategies that promote tenant retention before you need it.Buy in Fundamentally Strong MarketsThe temptation is to chase yield in speculative areas without a strong local economy, but don’t fall for it!

As a newbie, I was wondering if seeking a conventional loan for my first rental property will affect my eligibility in the future to get a FHA loan to purchase my first primary SFR?

Play the fundamentals if you are in for the long-term...avoid speculation (unless you're a speculator of course). 99% of wholesalers are idiots90% of real estate agents are idiotsLeverage technologyTrust but verifyI'm sure many of us could write a book on this stuff, but I'll stop here.

They don't understand BRRRR or the fundamentals of REI.Find another agent.

I’m not sure why you’re unhappy with those of us pointing out fundamental flaws and offering alternatives to your legislative issues.

You would have the option of doing a FHA loan on a househack in Rochester.2) You may be eligible to exclude a portion of the gain from the sale since you lived in it for 2 out of the last 5 years.

Also, the Solo 401k plan can utilize non-recourse loans to leverage its assets for an investment done inside the plan.Generally, if someone is eligible for a Solo 401k it will be a better choice than a self-directed IRA.

Fundamentally I would say as long as you cut down debt and build assets, that's good enough.