Looking for advice - purchased first STR 2023 and we qualify for active income based on rule 3 of the material participation test.

The property is very qualified for a 1031. move consulted with a 1031 facilitator. 

The expenses can offset the rent income and in some cases can offset your other income if you qualify as a Real Estate Professional or have an AGI of $150,000 or less.

So if you bought you're own home at 5% down you might be only able to qualify for a $300k loan but if you bought a duplex and factored in the other rent, maybe it's now $400k.

Given that I now have added risk of having the tenant forever, my screening requirements got tighter (less people will qualify) and my rent at every unit goes up to compensate for the added risk.

My understanding is bonus depreciation is not prorated therefore as long as we rent the home before Dec. 31 of this year it would fully qualify.

Here they say you get them with 0 upfront costs and free after the special tax program and what not. but 95% of them Nobody can qualify for.

There's a lot of great advice here from a lot of extremely qualified people here so run with that.

If you go for a single family home, you are relying on debt / income solely for that new mortgage, however if you go with another multi, you can use some of that rental income to qualify for a larger mortgage, and ultimately a larger property.I'd be happy to chat, I am a local realtor in Fairfield County.

You can pay the loan with ANY money, but you simply use your spouses income to qualify for the loan.