I know in the two syndication's I have invested in they required a letter from my CPA that confirmed that Ms.

Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.

While I understand that, my understanding and what our own attorney has confirmed, is that there should be an individual who serves as the guarantor in this type of instance.

Have contingency plans in place, set aside reserves for unforeseen expenses, and be prepared for fluctuations in the market.Investment Strategy: Define a clear investment strategy tailored to your goals.

A CPA would be best to confirm this requirement though :-)~ Lindsey

Hello BP 😎 ai am new here but i listen to real estate rookie for awhile. i bought single family house in 2019 and now  i want to buy a four family house i have home equity should i use it at a down payment or not around here in boston the 4 family house is between 900,000-1.2M so i need to do house hack put down payments as low as 3.5% and rent my single family and show the Leander as an income to and i only have 30k saved up and the leander want to see 3 month reserve should i take HELOC and show them that i have reserve or is there any other  options?

This can be a combo of zillow listings, craigslist, etc but the best thing would be a rent roll from a property manager confirming a higher market rent. 

With that being said, the number only seems to grow, with now over 25 owners discussing this matter.As for you being deceptive, simply owning up to the fact that you were working unlicensed is enough to confirm this fact.

As far as tenants moving from house to house, I assumed given the size of this town that this might be the case, but Rob researched it and confirmed that this hasn’t happened.

Hi Alexander, On a full documentation loan, lenders will allow up to a 95% combined loan to value on a primary residence assuming income is strong enough to support your debt to income ratio and reserve requirements are met.