Remember you are exempt from excise franchise tax if you file an exempt form.This post does not create a CPA-Client relationship.

Also, make sure to start connecting with other investors in your market to build relationships and learn from their experiences

You can also find commercial brokers that are in that space and build the relationship.

In my view by doing that and making contact with persons found using the process will result in getting a lot of your questions answered.Have an Excellent 2025,Doug

House hacking is an excellent strategy, especially with the potential to use an FHA loan to secure a property with a low down payment. 

Hello Satish- the greater Banner Elk area does have a lot going for it and the right property should provide you excellent income and a potential nice getaway spot. 

I’ve built strong relationships with local agents and other investors in the Hamptons, which helped me discover this off-market property.

For a rental property, the gain is subject to capital gains tax (15-20%) and depreciation recapture tax (up to 25%) on any depreciation claimed, unless the proceeds are reinvested.To minimize taxes, consider reinvesting the sale and insurance proceeds into another property under §1033 or converting the property to a rental before selling to claim depreciation deductions.This post does not create a CPA-Client relationship.

Reporting begins when it's placed in service, not when it’s first rented.This post does not create a CPA-Client relationship.

It can help build some incredible relationships and really learn some great tips from the pros!