Schedule E the piece the IRS put out about moving rental from Schedule E to Schedule C was because someone provided services above and beyond what would occur at a typical rental so they treated it like a hotel.

So far, we've pieced along different elements of this (different tax person each year, no LLC to one to now 2 this year, haven't yet used a bookkeeper...)trying to streamline systems and have a solid foundation for our fairly new and growing real estate portfolio. 

I do want to go ahead and refinance and pull that $100k plus to buy another piece of real estate and continue cash flowing for now.

The problem is taking them collectively results in new problems for our lot...the three solutions work when you look at just one of our shared lines, but when you look at all three the math falls apart...my surveyor will have to take their collective work, his new field investigation and then apply his own good theories, and hopefully our property is the missing piece in the puzzle for how to resolve this.I share that because those three surveyors are all names I or my boss know, and do good work.

Have you set a tentative timeline for your first house hack stay, or are you planning to play it by ear?

There may be some carveouts related to moving from non depreciable property to depreciable property in certain circumstances that may not fall under this accounting method change, but it has been some time since I have had to deal with that piece.

Based on the financial piece, and I am not a lender, but getting rid of your Credit Card debt would be my first goal if I was in your position.

The best agents are worth their weight in gold, especially to those of us who have struggled for years trying to make all of the pieces fit.

Hey Sharma, if you know all the risks associated with buying RE and doing section 8 there, then by all means go for it.Lots of people are telling others to "go there" because the inventory is high and people need to get rid of it.As someone else mentioned, before you make any investments, go drive around and make a decision for yourself if you want to invest there.One last piece of advice: Don't just look at the numbers.

I'm still green around the ears but am preparing for my first rental property purchase this year.