My wife and I are still in the 'learning phase' as real estate investors, but we know for sure that in the next year (a) we will be converting our primary residence in to a rental, and (b) buying another house that will be our primary residence for 1-2 years so that we can qualify for an owner occupied mortgage.

That is the max loan to value where you can get the best rate available which will still give you 135k~ in cash for the next project, but leaving you with healthy cash flow on the property with the cheapest cost of interest you qualify for. 

Unless you have other sources of income, its going to be difficult to qualify for a HELOC.   

Recommend consulting with a qualified plumber to maintain the service lateral and repair as necessary."   

You set your screening standards at a level where they will most likely not qualify, as a example setting a high credit score requirement will eliminate many on disability.You keep taking applications until you find the highest qualified applicant.

Yes, you can file jointly if you or your spouse qualify as a Real Estate Professional (RE Pro) and share the benefits.To qualify as an RE Pro you must:1.

Some investors want to know the sequence of questions to ask a prospect   I’ll never ask their name or house address until they qualify themselves as a prospect at the minimum amount of 85% of as is value. this is the first half of the qualifying script 1.

There are several different types of income in the US tax code.Two main types are “active income” and “passive income".Active income is money you earn from working, such as wages from a W-2 job or income from running a business.Passive income is money you earn from investments like real estate, stocks, or rental income from your RE portfolio where you earn $ without actively working.Normally, you can't use passive losses (like losses from real estate investments) to offset active income like your salary from a W-2 job.That is unless you are an RE Pro.The reality is, that Real Estate Pro status is just a filing status similar to filing married or jointly.And if you are a real estate professional you CAN use passive real estate losses to offset active income from other sources.To qualify as an RE Pro you must:1.

@Tyler Speelman There's no issue if you want to convert your STR into your primary residence and live in it for those two years. you would qualify for a 121 exclusion which allows you to take the first $250k ($500k If married) of the gain tax free. 

I will only mention two critical points:- People with regular full-time W2 jobs cannot qualify for REPS (unless their no-W2 spouses can qualify)- REPS has nothing to do with STRs, and vice versa3.