I intend to get a single family residence, add an ADU, live myself in the residence and rent out the ADU as a studio apartment long term.I have checked my city's ADU laws and long term renting is permitted.Question : can I obtain the REP status while maintaining the ADU while it is in my primary residence?

@Sean Dillon I am also from Long Island and house hacked 2 of my 3 rentals there before I moved.

I will try to do the same in my response. 

is my primary home I live in it, the purchase price for the house was $145k and I put 5% down when I purchased it. i been making 6 payments The house is located in Rockford il Most likely the answer is no if you only put 5% down.

I was watching a youtube video and a commercial came on about wholesaling land and I took an interest in it seems to be the answer to my financial problems 

In my opinion, it's at the far end of the un-sexy-but-profitable scale.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

They don't charge an arm and a leg, and my experience with them has been pretty great so far.

Hi BP Community,I’m a first-time investor from New Jersey with excellent credit and most of my savings/investments in stocks and funds.

I feel like these are my only options:- House Hack: Would I still need to pay the 6% tax rate if I'm getting rental property insurance?