However, you should explore whether any exceptions apply to your case, such as unforeseen circumstances.Unforeseen circumstances, as defined by the IRS, might include changes in employment, health issues, or other unforeseen events.

Primary Home, Second Home, and Investment Property are all defined differently.  

I write down checklists and procedures for various aspects of property management like leasing, make-ready repairs, lease renewals, evictions, etc., go over them with my PMs and make sure we're on the same page.Then I follow-up with them at least once a month to see how things are going, to check if we need to make adjustments to anything.

The cumbersome aspect that you can expect here is that you've already begun demos and reconstruction, what that means on an appraisal is that you "might" have devalued the property from where you believe it is.

We are looking to develop 10 (3 unit) multi family buildings on the land, I own a construction company so I'll manage every aspect of the project and finance it.I am having a hard time structuring a deal like this, that works for everyone. 

Make sure you check this aspect out before filing a claim.

The more people you meet, the more stories you hear, the more you start to get an idea of what aspect in real estate you are drawn to. 

I'm glad to know there's a defined line for what's acceptable when renting to family (though my daughter's boyfriend isn't family... yet 🙃).  80% of $1,600 is $1,264 which is less than the $1,350 I am charging them (I stated $1,300 previously but remembered it's actually $1,350).Honestly, this year, repairs and maintenance are very minor, but all of this information is good to know going forward.

My investment strategy revolves around viewing cash flow as a tool to build reserves for both short and long-term capital expenditures.One key aspect of wealth accumulation in real estate, as you rightly mentioned, is the gradual reduction of your principal mortgage balance by others and the accrual of forced equity and natural equity through market appreciation.I operate Elevation Appraisal in the valley and serve as an agent with Windermere Bozeman.

But most of us don't have the million dollars in cash so it doesn't matter.Same with the "amortization" returns which are better defined as principal paydown.