It triggers dealer status and the income will be taxed at normal income tax rates.

It could trigger the due on sale clause meaning you would need to pay the mortgage off within 60 days. 

Just doing a renovation or pulling a permit doesn't  necessarily trigger it though. 

Your $100k is your 25% down payment and hold back some initial reserves and closing costs...find the market that meets your criteria for a C-class value-add MF property, build your team (starting with an agent), and pull the trigger...long-term buy and hold...drop all profits back into renovating units and forcing rents higher...take advantage of your equity in 4-5 years and buy another one.

I haven't pulled the trigger on any offers yet, but have been able to make the numbers work by playing with down payment, loan terms, and things like seller credits, were they to be accepted.

You will want to make those connections before going after properties, that way when you find one you want you can pull the trigger and know you're in good hands if you get accepted.

I have been trying to locate a good real estate accountant that could assist me prior to pulling the trigger on the refinance and it seems most referred accountants I have looked into all specialize in small business accounting as well.

I have a few friends and family willing to loan me money if I can find a good deal and gain more confidence to pull the trigger.

Way to pull the trigger.

Im a first time home buyer looking to pull trigger on first multifamily in Connecticut/NY area(Good luck to me ahaha)Question- IF I use accelerated depreation and lower my AGI will I qualify for Biden's first time buyer house credit if it passes?