Even if you had to exceed that, as single you could convert an additional $485,050 above the $63,350 (or $503,350 if married) and you’d only be taxed at the 15% LTCG tax rate (not counting any state if applicable).Each year I’d get my taxable income as low as possible to give myself as much ‘room’ as possible in the 0% tax bracket and convert the max amount possible.

OK Thanks Chad.. yes now that you clarify that and I also work in the low value asset sand box but only to Investors who have money to turn them around I would never count on those owner occ's to cure at least at any large % to easy to  walk  and the properties as you mentioned many will be functionally obsolete and economically obsolete so they turn into your basic zombie house that local wholesalers go for ..

By the way, credit card expenses count when charged, not when the credit card bill is paid.Buy more stuff.

Similar, there is rules for footage to count as living space.  

Any "perceived" deception at any point, will be severely counted against you by the court.

Not my own capital, so all principle and interest are counted* Interest paid = what I'm paying in interest from the loans* Monthly CoC = Earned / Invested for that month only.

Not counting the land which was discussed above we will have about $40,000 NPV into the Teak trees over the 25 years as standing timber, not harvested.  

Th iincome needs to be reported on credit, has to have been received for 12 months and likely to continue for the next 3 years in order to count as income. 

From the fact sheet it's not clear to me if I would be able to evict both tenants or just one of them because it says you can take possession of only one dwelling unit and I am not sure if each of the studio rooms counts as a separate dwelling unit?

As the 3rd largest MSA in the country it's hard to generalize the Chicago market as it's actually over 100 different submarkets when counting the 78 communities in Chicago property and then adding in the various suburbs, including in and around Naperville.