However, these are the ones most commonly used:Five-of-Ten-Year Test: You must have materially participated in the activity for any five of the past ten years.500-Hour Test: You must have materially participated in the activity or activities for 500 hours in the current tax year.Step 3: Calculation your participation hoursEnsure you are tracking your participation hours.

I think my neigbor did it a few years back but not sure if he is claiming it as Owner occupied and just rents it out?  

Also, I call BS on virtually anyone claiming $100k gross in the Poconos unless it's some oddball 7br place on a great lake.

It’s a higher barrier of entry investment with much higher returns (and tax incentives).  

When the courts finally hear of the debtors plan, 9 - 12 months after initial BK filing, the debtor claims subject property is worth less than the amount owed.  

https://www.biggerpockets.com/forums/51-tax-legal-issues-con...

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).

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).

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