Networking at local REI meetups, joining investor groups, and connecting with experienced flippers can open doors.

Readers should seek professional advice.

Check with your lender and consult a tax professional to ensure proper structuring for interest deductions.

But as I got more experienced I learn less and less from most forum posts are you know most basics already.

Assuming they were professionally prepared and compliant with state law, these should define your default interest terms – probably in your note.

I will look at a few factors, rent for area, total mortgage payment with property taxes( which can be crazy in Detroit), investment in neighborhood, I like looking into places where they are building homes and apartments that attract young professionals or families , and also looking at potential to make a single family home into a duplex or something can add an adu or transform a basement to a studio apartment!

As far as I know there isn't clear guidance on this topic from the IRS, but most professionals take a similar view as Melanie above.

I definitely recommend that you seek out a Certified Cost Segregation Professional so that you are confident in the quality of the work performed and the deliverables produced.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a busy professional so I have limited spare time.