You'll find the bar has been raised considerably, especially since more and more STR hosts have pivoted to the MTR space with their properties.

I think the biggest thing I learned from this is not to pull the trigger too fast on buying a house.

Investigate conventional finance, FHA loans, and other programs that can be in line with your objectives.Through networking, word-of-mouth, or direct communication with property owners, take into consideration investigating off-market options.

That being said, I would never just rent a property I bought sub2 but instead would sell it with lease option and get a downpayment (i.e. option consideration) which can be used when needed bad times.

This additional capital can then be used to acquire another investment property or for other investment purposes.Cost Considerations: Before proceeding with renovations, carefully evaluate the cost of updates relative to the potential increase in property value and rental income.

Along with the FHA loan, check out the loan from the Neighborhood Assistance Corporation of America (NACA).NACA was formed in 1988 and provides an affordable option for potential first-time buyers:✅ No down payment✅ No closing costs or fees✅ No mortgage insurance✅ No consideration of credit score✅ Below market fixed interest rateThere are several requirements to be eligible, starting with attending one of their workshops.https://www.naca.comI wish you all the best.

Do not pull the trigger on this building until your team is in place. 

@Jay Lam To answer that question [(d)(i)(D)] you will need to identify the named Insured, the members of the LLC, and the consideration stated in the deed.And even if the conditions for the LLC being covered by the definition of the "Insured" are not met, the policy would not be voided.

Baseline consideration.... turbo tax business live preparation service is $1,750 (yes they do regularly offer discounts that might get it down to $1,000). 

There are also tax considerations, such as depreciation and IRS Section 121 Exclusion like you mentioned.