We have a property in IL that we are looking to raise capital to stabilize and we want to be organized, professional, and efficient.

However, if it's close or below, you may struggle with cash flow, especially when the interest-only period ends and payments increase.If you’re uncertain about rental income projections or want help analyzing the numbers further, I’d be happy to assist with more detailed calculations or financing advice.Best regards,Drago

As you scale up, consider efficient property management through a company, to keep your properties well-maintained and tenants satisfied.

It’s wise to have a financial buffer for periods without tenants.

Your tenant rents from you based on a rental period (ie. a yearly lease).  

I've been buying and holding for SFH's rentals for 15+ years, but my goals now are Cash flow (70%) and Appreciation/Equity (30%) so I can invest faster/grow more in shorter periods of time.I ran this: View report on BP as a really rough test for investing in this property (3-plex, but also offers an attached 3-plex for consideration). 

Do you prefer to have an open "application period" to collect applications and then make a decision based on the "most qualified" or do you take the first qualified, even if on a personal level they put off some red flags.

@Bruce Lynn isn't there a shorter redemption period if the property wasn't homesteaded?

Period.  

Some cliff notes:REP status requires 750 hours in real estate activities, and then after you hit that, the test is materially participating in your rental activities.If it is a short term rental with less than a 7 day rental period, if you materially participate, which could include at least 100 hours and that is more than anyone else, then yes possibly can use the bonus depreciation against other sources of non-passive income.