Building positive relationships with tenants can increase their retention and reduce turnover, promoting consistent rental income.Consider FHA loans with lower down payment requirements if you're starting with limited capital.

A 2-4 unit as highlighted by others above is a great way to reduce costs of living, gain equity, and eventually move on while retaining the asset for cash flow.

However, rates have already fallen recently to a 15-week low.A 30-year fixed rate mortgage is sitting around 6.56% interest:All else being equal, lower mortgage rates reduce the cost of ownership and, thereby, allow more people to afford to buy.

Instead I would find an experienced flipper, offer to partner on a deal, maybe bring the deal to him if you can find one, and agree to take a reduced amount of the commission in order to be involved and learn about the process

If you want to brush up on PML, I suggest you check out my book Lend to Live: Earn Hassle-free, Passive Income in Real Estate with Private Money Lending available on the BiggerPockets book store.

I would like to find tax strategies to reduce my taxable income.

I had to change insurance companies, raise the rent and I used a company called Ownwell to help reduce my property tax.

Knowing your “why” can help reduce anxiety by aligning your actions with your long-term objectives.

Here is my situation:- I'm a W2 employee that earns north of $500k a year- My wife is a stay-at-home-spouse- I'm looking to buy ~ $1,000,000 in STR Real Estate by the end of the year (as an investment and to offset my tax bill)I'm fairly well versed in the rules surrounding using STR to offset active income.

First just want to state, she is your girlfriend not your wife, which is very different in regards to financial status/situation.For me its simple, I am buying this asset and taking on the risk of renovating it and as part of it will be seeking to earn income from it to better myself in the future as I know a W2 job and a 401k does not get you far in retirement.