Despite mortgage rates being double what they were two years ago, the overall borrowing environment remains favorable for state and local entities.Key initiatives driving this surge include efforts by entities like the Michigan State Housing Development Authority, which recently launched a $425 million bond sale aimed at providing affordable mortgages to over 2,700 families.

At the time Brokers ( me) did not have the authority to manage these..

@Ana Brasher,There is no official declaration or form that is required by the IRS or your state Department of Revenue when you start using the vacation property as a rental. 

What would matter is that you specifically did NOT have the local authority approve it. 

I am a 27 year old, born and raised in the metro Detroit area of Michigan, a former collegiate gymnast at EMU and Pitt, a current Manager of a CS team at a highly functional Sports Tech company, AND (most importantly) I am officially a new homeowner as of today!

I'm officially a landlord.

Best thing to do is to call the local housing authority and they can explain some numbers for you and the process (assuming you can get ahold of them).You could always just post the numbers here or in the proper forum and double check it.

I would recommend the book “First to a Million" by BiggerPockets author -@Dan Sheeks / My buddy @Noah Bacon was a real estate agent (maybe still is) turned house-hacker!  

First official post to the forum; my name is Brendan and I live in Southern Ohio!

What I'm getting from anyone that I ask is really a lot of opinions that aren't backed up by any rules, laws, etc. that actually give the agents/broker authority to do this.