However, unless you're doing this as part of a BRRRR strategy, you may end up paying closing costs twice and incurring unnecessary interest on the HELOC prior to refinancing.Additionally, conventional loans often have seasoning requirements of 6-12 months, while DSCR loans typically require only 3-6 months.This post does not create a CPA-Client relationship.

Additionally, most servicers will provide the tax documents needed at end of year (1099-INT, 1098-INT) and can also issue notices of NSF, late payments and support delinquency /default.

Property taxes are 2% instead of 1% for landlords as a general rule (some districts may  be slightly higher). 

How do we minimize taxes on the profit we're making on this first home? 

Great hosts will be good neighbors, will contribute to local tourism and will pay their taxes and permit fees* A major area to improve on the proposal is the 1 hour time-limit for resolving complaints.

If it wasn’t the insurance it would have been the property taxes.

.: In a prior post from about 2 months ago, Kerry Malarkey and Nathan Gesner mentioned a small landlord is exempt from FHA requirements requiring the acceptance of emotional support & assistance animals if one of the following is true:"Owner-occupied buildings Properties with four units or fewer that are owned and lived in by the ownerSingle-family homes Homes that are sold or rented without a broker by the owner, as long as the owner doesn't own more than three at once" (Quote from Nathan's reply))https://www.biggerpockets.com/forums/52/topics/1219359-pitbu...Given this, if a landlord does qualify for the exemption, what exactly does this mean? 

You can take any proceeds tax free and roll into a different investment. 

These are features like online renter payments, tenant portal (for payments and work orders), help keeping track of work orders, tax reporting features, and accounting functionality.

An other advantage of paying with credit card may be that you will not have to send the provider a 1098 tax form (only an issue if the total yearly amount is over $800).