Loan officer used income from first property to justify new loan.

They will lend on just about any kind of income producing property and will lend to individuals as well as entities like LLCs.

If one LLC were to face a liability issue, the potential loss would be limited to $15,000 to $20,000 per year in income—an acceptable hit for an investor earning $300,000 annually.

After reading it again, I do have a question.

Has anyone added extra bedrooms to a multi-family property to increase rental income?

Therefore, you don't need to use a 1031 exchange; you can take as long as you wish to find and then buy another property.The only exception is if there is debt on a property, in which case there will be some UBIT (Unrelated Business Income Tax) implications.

I found out there is software/apps that you can use to do your taxes on 1099, can i file my 1099's myself and use that as proof of income to banks?

But, if the end goal is to have truly passive income you have to eventually build a hands-off turn-key operation or outsource the work. 

High-end furniture, premium mattresses, and a full kitchen setup can increase costs, but prioritizing durability and guest comfort—such as a high-quality king bed, sturdy sofa, and reliable appliances—can enhance the guest experience and drive better reviews.From a tax perspective, furnishings and appliances are depreciable assets, but how you deduct them depends on cost and timing:Items under $2,500 per unit can be expensed immediately under the de minimis safe harbor election (timing of when placed in service may result in the need to capitalize).Larger purchases above $2,500 typically must be depreciated over 5 or 7 years using MACRS.Bonus depreciation (60% in 2024, 40% in 2025) allows accelerated write-offs for qualifying property, including furniture and appliances.Section 179 may allow immediate deductions for certain furnishings, but eligibility depends on taxable income.Since you plan to materially participate in 2025, STR losses may offset W-2 or other active income.

@Seth Gordon why don't you list your 3 top questions here, so we can assist you?