Here’s a rundown of my current situation:- Own an S-Corp (landscaping) generating 70k a year- 160k in available cash funds- Credit score around 720- Zero debt- Own one property valued at 365k, 30% equity- Property is rented by the room generating $400 a month after mortgage and taxes- Additional 590sqft house is being built in rear of property for 60k.

Bought in 1999 for 120k. 7.5% interest rate with pointsRents when purcashed: 500 and 600 - Total 1100/m80% of 120k at 7.5% = $671/m (Just mortgage payment - no Insurance and taxes included)Today:Property is worth 560kRents are 2000 and 2200 - Total 4200/m4 years left of payments.Rent increased almost 4x and value almost 5x2.

As for a Home Owner Association (HOA), whether it needs to comply depends on its legal structure and tax status.

A good CPA will provide greater value in advisory and tax savings through proactive tax planning than the fees they charge.

If it is a 2nd home or you are a nonresident, the annual tax is $4,592!!

Should I be paying sales tax to sub contractors as owner builder, so use reseller certificate and then collect tax from ME.

Maybe, maybe notYou have to weight the pros / cons along with the risks.Your BP mentions you are 'new to real estate'.You are getting into a new asset class along with a business(I consider a STR more of a business than an investment).How much will you save in taxes?

Allowing you to take the first $250k ($500k if married) of the gain tax free.

It will be interesting to see if the Commission imposes these light but annoying administrative penalties fairly. 

My spouse is trying to meet real estate professional status with the goal of offsetting my W2 income tax.