Many carriers are including exclusions for GC commercial general liability coverage and professional liability coverage for engagements involving condos and even stricter exclusions when dealing with conversions.

Licensed in both Hawaii and Vermont at the moment, navigating acquisitions and depositions by collaborating the directions of my client with grounded professional understanding. 

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

@Daniel MadhavapallilYou should hire a tax professional. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ask lots of questions and you will receive great insight from professionals!

However, the tax treatment differs between short-term and long-term rentals:Short-Term Rentals (STRs): If you materially participate (work 100+ hours and more than anyone else on the property), you may be able to offset rental deductions against W-2 or other active income, offering greater tax benefits.Long-Term Rentals (LTRs): If your AGI exceeds $100K, your rental losses may be limited, unless you qualify as a Real Estate Professional (REPS).If you plan to expand your rental portfolio, consider an LLC later for liability protection and easier management.

I am currently looking to Purchase and Rehab a House in the North Dallas and DFW areas.I am eager to Network with fellow Investors and Professionals in the area to explore Opportunities for Collaboration.

My goals are to start building an investment portfolio of professionally managed (I could tell you all the reasons I will not do it myself) multi-family properties and, in time, develop a property in the Northwoods (Wisconsin/UP).

Trying to be professional and courteous.