New construction, fully decked out on the design and amenities. purchase price 785K, 40K in seller credits, 120-140k gross rental projections What made you interested in investing in this type of deal?

I'm trying to make it so I'm on the deed/title and not the mortgage.I know the income side would be effected with the dti I was just wanting the debt side not to be.

From Brooklyn to Florida and Mississippi, your expertise as an investor, agent, and designer is impressive.We’re excited to have you here and look forward to learning from your experiences as you work to change lives through real estate.

This makes it much easier for me to qualify for loans because I don't have to disclose the home debt that would effect my income to debt ratio.

Particularly for your first few properties, I'd highly recommend that you manage the property yourself (if possible), but that's usually only possible (or most effective) if you live near the property or visit it frequently.

So it is designed specifically for home flippers.

BiggerPockets is an excellent resource to kickstart your real estate journey.I recommend that you take the time to define your financial goals and always keep learning.From insightful podcasts and informative blog posts to interactive forums and detailed guides, BiggerPockets provides a comprehensive suite of resources designed to empower you with the knowledge and confidence needed to navigate the market.

In your case, changing the property from a rental to your primary residence constitutes a change in use.The depreciation recapture will be calculated based on the fair market value of the building at the time of conversion, not including the land value.Since you're tearing down the existing structure, the entire amount of depreciation taken over the past two years will likely be recaptured, as the building's value at conversion will effectively be zero.The recaptured amount will be taxed as ordinary income, up to a maximum rate of 25% for residential rental property (Section 1250 property).

From there it is really just a matter of determining comps, cost to rehab a property, and your timeline.I have helped several investors flip their first home in Austin and learn how to do it effectively.

In addition to property sourcing, I require an agent who can negotiate effectively on my behalf, ensuring I secure the best possible deals.If you have experience in identifying distressed properties or working with real estate investors in Florida, I would love to connect.