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.

@Tanner Sortillo- thanks - I would have the new investor get a solid idea of financing options and for them to get formally pre-approved for a hypothetical scenario. 

@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 been watching some videos where the get a 5% down with FHA loan but I don't think I would qualify.

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.

If you're doing a 2nd mortgage on your primary residence to get the cash for down payment on the new Quad, then you're looking at needing to qualify with DTI unless you find a lender who is a DSCR lender and not a traditional conventional loan lender.  

Since you are an active service member the IRS will allow you to have lived in the property for two out of the previous ten years of owning it. you'd just want to verify with your accountant that you qualify for these extensions.Since you converted the property to investment, you may also take advantage of doing a 1031 exchange when you sell.