The key factor is ensuring the property qualifies for favorable tax treatment by adhering to IRS rules regarding short-term rentals and material participation.For the 7-day rule, the IRS requires that:The average guest stay must be seven days or less for the property to qualify as a short-term rental.If the average stay is 30 days or less, you must provide substantial services similar to what hotels offer, such as daily cleaning or concierge services.Regarding material participation, to further classify the income as non-passive, you must meet one of the following criteria:You spend more than 500 hours actively managing the rental in a year.You manage the business yourself and spend at least 100 hours, with your involvement exceeding that of any other person involved in the rental.Please note there are actually 7 ways to qualify, the above two are the most common.

For investment property, I would say commonly you are going to have 80% to 75% LTV. 

What are the common issues found during home inspections in this area?

I’m about to close on a residential property and want to ensure everything goes smoothly. I’ve reviewed my Closing Disclosure and gathered all necessary documents, but I’d love to hear from those who have been through...

@Michelle Nevarez, the most common way people get started is through house hacking.You could use your VA loan to buy a property for yourself to live in.  

Is this common in the Chicago market or markets with high property tax? 

We get about half of our properties from other companies that are tenant occupied so this is very common in my market. 

What type of plumbing pipe is in the house - galvanized steel corrodes from the outside in, lead pipes may have been common back then.

Its common place and I just dont have the time to combat the bad reviews or expend the energy.

Embrace the journey, have some fun along the way, and get ready to see your personal brand take off!