I'm sure some people like to see a Forum comment and add discussion value, that way they are part of the discussion. 

You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2. 

FHA How did you add value to the deal?

Hello everyone, I am reviving this thread to gather a few contacts to whom I can bring value.

If you want to swing for the fences, that 3 yr, value-add deal with floating rate debt may be the right fit.  

Being a BP listener since 2011 and recent forum junky, I cant get enough of the value and connections I am making here organically! 

Ask your PM how to come up with some strategic incentives...possibly listing high and reducing every 7-10 days until it's rented, offer a move in special, a gift card, future rent credit, etc. 4.

I’m targeting assets between 25-100 units located in high-growth markets that exhibit strong fundamentals.

Being a real estate professional allows you to treat the income as non-passive, allowing higher high income tax payers to pay less in taxes.

@Emily Gowen so as you pointed out you would not have to do a 1031 exchange on your current home to avoid the capital gains tax and coupled with what Dave Foster pointed out I think, speaking from experience you would have a high likelihood of success.