Having a good team can make a big difference in fixing up a property, avoiding hidden issues, and saving money in the long run.I recently found SureBuild Restoration – they offer a lot of home restoration services and seem pretty reputable.

Cost segs unlock these savings, but the losses won't offset your ordinary income from your job unless you are an RE Pro.Here's how to think about RE Pro status to make the best case with your CPA and the IRS:RE Pro Status starts with the IRS definition of a Real Estate Professional (IRS Pub 925).It is not as simple as getting a real estate license or working for a firm that provides real estate services.Ask yourself these questions to see if you qualify:Q1: Are you in the right business?

That comes in handy when you are doing a rehab as you might save 15-20%. 

In addition, several items can be done simultaneously (I highly recommend this to save time as time is your enemy) such as doing the exterior siding or stucco at the same time interior rough electrical and plumbing is going on.Foundation is always first and rough framing follows that (which includes windows and exterior doors).

You would need substantially more money saved to do well on a flip I think.

I also wanted to inform you that I also have a Roth IRA that started since 2020 and recently opened a High Yield Savings Account(HYSA) in 2024, thus I also have some questions regarding this matter as well:Here are the following: 1.

I have a savings and checking account for my llc, and each property, all under the same banking app.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

I purchased this home with the intent to retire here but I no longer wish to do that.

If you are retirement age, you can do asset based withdraws from "work related funds" (IRAs/401ks...).