I reached out to a local insurance broker, who came back with a quote that seemed very high to me ($3,800 yr), from a company called Foremost.

To offset costs, I’m planning to buy a duplex and pursue a house-hacking strategy:1.Rent out one unit as a long-term rental.2.Live in the other unit and rent out the bedrooms as short-term rentals (STRs) through a furnished rental approach.Before diving in, I have a couple of questions:1.Can I use a property for both short-term and long-term rentals?

You're in a really great spot to add value to a developer and build your own portfolio along the way- best of luck!

   I will be acquiring a loan to purchase a single family residence in South Carolina.

Hey Everyone - I’ve invested in FL and Brooklyn but want to add to my portfolio in a new market.

I have a call with them tomorrow, but are they legit?

Quote from @Nishan Akwalia: Hey I have a few fully paid off properties I would like to take equity out of.

Sounds like you could have a good start house hacking or do a live in flip!

However, if actively working in the business, the IRS requires taking a reasonable salary (W-2) before taking distributions.Since this is your first project, it’s a good time to discuss with your CPA whether an S-corp is the best structure for future flips, or if a different entity type (like an LLC taxed as an S-corp) might be more beneficial.This post does not create a CPA-Client relationship.

Unless you are getting a heck of a deal I would recommend avoiding a foundation issue property until you have a team of contractors that you can count on and can find out what the repairs would run.