@Sergio P RamosYou can make a great living just developing losts and selling to big builders.

The facts are the same as in Example 1, except that B's child turns 13 on February 1, 2008, and B pays for the care provided in January 2008 on February 3, 2008... ...the amount B pays will be an employment-related expense under section 21, because B's child is a qualifying individual when the services are performed, even though the child is not a qualifying individual when B pays the expenses.So we CAN, after all, claim expense up to the birthday day!

If you live there and are currently renting, then there still is a pathway to house hack say a duplex and better your situation.  

Redeveloping into mixed use live/work/play projects has been the most common proposed solution the past few years in my area. 

Thing is, you need to understand it's going to a difficult way to earn a living.

Now use 50% expense rule implies $2k expenses not including mortgage service.  

BUT, I am sick living in construction and would like to move to a new home and then finish fliping and sell or hold the two homes asap.

This will allow you separate business income and expenses from personal income and expenses.Since you plan to house hack your bookkeeping and tax return preparation will be more complicated because a percentage of your home expenses will be personal deductions and some will be business deductions.

If not, then you really need a strong legal structure stating how these properties will be governed going forward, including management, tenant selection, capital expenses, etc.

I live in the St.