Eventually, lawmakers realized the negative impact this was having on the real estate sector and created what is known as Real Estate Professional Status (REPS).

You get to rent to professionals who are less likely to trash your property, you get to charge a higher rent than long term, and you're being paid by large, 3rd party companies that are extremely unlikely to not pay rent.

Then you go find the appropriate professional.

Linda,Welcome to the BP forum, it's one of the bes REI sites right now loaded with seasoned investors and seasoned professionals able to help with every angle. 

Whenever making an investment decision, please consult with your tax attorney or financial professional.

I appreciate the feedbackThere are a lot of experienced investors and professionals here you can learn from. 

If you choose this route, make sure to have clear, written agreements in place and maintain a professional landlord-tenant relationship.

@Austin TessTo buy your first multifamily property, follow these steps: get pre-approved for financing with an FHA Loan, identify a high rental demand market, choose between house hacking or pure rental strategy, analyze the property using the 1% rule, build a team, negotiate the purchase, and manage the property professionally.

My spouse is trying to meet real estate professional status with the goal of offsetting my W2 income tax. 

Hello everyone,My Canadian company owns a residential property in California and I want to sell it to my own personal name as I am closing my company.I don't know which professional to consult to help me do the transfer besides my CPA.Can I do the transfer of the deed myself (going to the County Recorder’s Office) and just check with my CPA for taxes due?