It’s a nice place and I hope to rent it out weekly from time to time to help cover the mortgage ($1,850/mo w/ taxes, etc.)I just found out from a personal conversation with the owner that a Lake House down the road will be going for sale and I was given the option to buy it off market.

Drawing money from an LLC for personal use can be done as an owner’s draw (for LLCs taxed as partnerships or sole proprietorships) or as a salary/distribution (for LLCs taxed as S Corps).

For income, STR saves taxes and gives you the cash flow you’re looking for.

Additionally I spent $35,000 on property taxes, $17,000 on insurance, $35,000 maintenance and repairs.  

@Jake Hughes A 1031 exchange is a great way to indefinitely defer all of the capital gains taxes, and gain access to that tax to use over time for your own benefit.

No transfer tax should be involved (see Garn/StGermain) as opposed to an LLC transfer. 

Additionally, there is specialized equipment including diagnostic machines and hydraulic lifts.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

@Rud SevIt's really your CPA's job to walk you through your tax return.

@Scott McGadden ... https://www.kiplinger.com/taxes/what-the-texas-property-tax-...

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).