Outcome: Retrieve detailed information on legal cases, liens, judgments, and any active legal disputes that may affect the property.7.

If you meet this first test, you are a REP...now determine if you can use the benefits of it.2) if you or your spouse meet test 1, THEN you can make an election to combine all your RENTAL activities together for purposes of determining if materially participate in your rental activities.  3) So you met test 1, made the election under #2 - now you see if you materially participate in your rental activities. 

However, I'm excited to be a more ACTIVE member moving forward! 

Are you actively trying to seek properties in that area?

If your income exceeds $150,000, your ability to deduct passive losses from rental properties is limited, and any disallowed losses carry forward to future years under the passive activity loss rules.Yes, the deductions can accumulate and roll over year after year.

Get your license, do the prospecting activities, and find the buyers.

My goal was to be a little active to make a higher return and to do that I needed to be in the same neighborhood where I live.

Hello Fellow BP Members,I am excited that I found my first property for an STR but stressing out over the lender not meeting closing deadline.

But the first few months where I didnt have any houses under contract I was stressed I was slowing down to much and going to hurt myself in the future.

It’s wise to run different stress tests on your budget to see how it handles fluctuating interest rates, higher costs, potentially lower market valuations, or worst-case-scenario acts of God.b.