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

One thing I would mention though - doing STR just to save taxes often leaves you operationally unstable or too detached from the management to be successful.

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).

It takes a lot of training and continuous study to stay on top of tax law, especially with all the changes in real estate tax rules.

I officially moved here years ago before investing but I’m wondering for my family whether it’s a good idea to have them invest in my markets here so if there are major tax/regulatory hurdles that would make this unreasonable.Thanks to all!

.- Will still be challenging to acquire a SFR at a low enough price to justify the cost of any conversion.Regarding Michigan property taxes, we have a one-page explanation document we'll share if you DM us. - The challenge in Detroit is that the city is "deliberately" keeping SEVs low to not scare investors away over property tax increases.

You can take a distribution from the IRA, pay the taxes (plus penalties for premature distributions), and then use the funds as you see fit.

New for 2025, just so you know, the state has enacted a short term rental tax of 4.5% on stays of 31 or fewer days. 

I think it’s disingenuous for a guru to claim they created a new method that is “revolutionizing” real estate lending, when it’s actually just rebranding something that exists and charging more for it.

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).