If you're a 5% owner for only part of the tax year, then only the services performed during that period count toward qualifying.Also, it's important to note that the Tax Court has held that merely being on calls doesn't meet the 750-hour requirement.

In essence you get some gain tax free. 

Hello everyone,My Canadian company owns a residential property in California and I want to sell it to my own personal name as I am closing my company.I don't know which professional to consult to help me do the transfer besides my CPA.Can I do the transfer of the deed myself (going to the County Recorder’s Office) and just check with my CPA for taxes due?

Direct mail to people in tough spots (90 day notices, unpaid taxes etc). 

You can use conventional financing, up to a fourplex, and if you live in one unit you may reduce some of the property tax for the space you live in as it is your primary residence and you can also buy with very little down as opposed to buying it strictly as an investment property.Duplexes are a great option and you generally also always have at least one paying tenant and can be bought similarly.

2.75 % on a 30 year FHAThe more I look into this I might want to refinance into a 15 year loan and to get rid of the PMI.I know my monthly payment will go up but my current mortgage is 3324 (just went up due to taxes smh)  The other unit in my home pays 2100/month for rent.

OVERALL QUESTIONSI’m wondering if there are any “gotchas” I should look out for in managing or renting either of these properties, especially regarding taxes, maintenance, or any other unexpected costs.

Property taxes and insurance are typically the two biggest recurring costs.

I just read 5 books (out of print, published between 1979 and 1986) all related to wealth building thru real estate “trading and exchanging” (not for tax free exchange).These were the most convoluted, confusing, and unfocused real estate books I ever read!

If you need financial help, ask under the "Finance, Tax, and Legal" forum.