.- Expected renovation costs $1MM.

I own the property free and clear and i use the equity as part of my business line of credit.

They must be very low odds because insurance companies are in the business of making money, not paying out maximums.

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?

It has good integration, is cost effective, and the direct booking feature is pretty good!

@Michael James Hamlin I'm a former tax accountant/business consultant turned fix n flipper and investor friendly agent. 

It always takes longer, costs more and has more challenges than I originally thought.

And I'm not saying this to earn your business just as if it was a residential property.

I paid it off within the year, so it cost me no interest. 

- Run a cost segregation study on this property in 2024 and you might have $100k on line 18...Without diving too deep on this post - If you run this scenario as a real estate professional while materially participating in the property, You'll be able to reduce your's and your spouses taxable income that year...