If we know where we are going it's easy to make a plan. 

I’d love to hear more about your goals and how you’re planning to use your license to grow.Wishing you all the best on this journey—feel free to reach out if you ever want to connect or chat strategy! 

Did you plan to rent this or live-in flip with the intent to sell?

At some point, everyone wants cash to start a business, buy your dream home, or go on an incredible vacation with your family.

Quote from @Allison Cutlip: Hi all, My boyfriend and I are buying our first home that is a duplex, planning to live in one unit and rent the other side.

Most will not do 100% loan-to-value so plan on something less than that for the loan amount.2.

We closed on our first property on November 15 and plan to employ the fix-and-flip strategy. 

However, the tax treatment differs between short-term and long-term rentals:Short-Term Rentals (STRs): If you materially participate (work 100+ hours and more than anyone else on the property), you may be able to offset rental deductions against W-2 or other active income, offering greater tax benefits.Long-Term Rentals (LTRs): If your AGI exceeds $100K, your rental losses may be limited, unless you qualify as a Real Estate Professional (REPS).If you plan to expand your rental portfolio, consider an LLC later for liability protection and easier management.

Your father-in-law will want to minimize his tax liability on the capital gain and think about how the sale fits into his estate planning strategy.

(You have to plan ahead, there are things to know and do).