If you have strong savings and income it's not as big of a deal

Do you have a strong lease that you understand and can enforce?

If not, even though you are a re pro, losses are passive & deductions are limited.There are 7 scenarios that will qualify as material, and you only need to meet one:*500 hours*Substantially all participation*> 100 hrs and at least 1/2*Significant participation*5/10 years*Personal service activity w participation in last 3 years*Continuous participationTo materially participate, you must be involved in the operations of the activity on a regular, continuous, and substantial basis.Once you pass the pro test, the material participation often comes along for the ride.You can elect to aggregate all rental real estate for purposes of measuring material participation under Sec. 1.469-9(g).Your time spent on all your rental properties (STRs don't qualify) counts as one activity, making it easier to materially participate.In order to make a strong case with your CPA and the IRS you need to document your hours.Best practice is an hours log where you are as specific as possible.

If you're thinking about auctions in other areas like Phoenix, San Diego or Austin, I've built a strong network over the years and could introduce you to some folks who've been down that road.Pat and JasperTurning investment visions into REALITY in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

Both have perks and strong demand here.

However, higher property values mean there’s also potential for strong rent growth, which can help balance out the numbers when you refi.

I strongly advise consulting your attorney before engaging in such matters, as their expertise can provide you with a solid foundation of knowledge and guidance.

Building credit and a strong foundation are huge accomplishments, and West Palm Beach is an exciting market for house hacking.

I still find the rents to be strong with a fairly decent tenant pool to choose from.

To invest in Richmond, join REIAs, engage on social media, attend events, learn from resources, connect with agents, explore neighborhoods, and connect with professionals for appreciation, rental demand, and strong cash flow.Good Luck!