Failure to meet material participation rules will limit rental losses to offsetting passive income or carrying forward.This post does not create a CPA-Client relationship.

The $7K limit is on IRA contributions.

Staying Flexible in NegotiationsAs agents, licensees are bound by ethical and legal rules that may limit how they negotiate or market deals.

If your goal is cash flow, then your best bet may be to live in it for 2 years, and then take that tax free gain (250k single person, 500k married) and buy elsewhere. 

Lots of cities have restrictions..Arlington limits to a fairly small area of town, Ft.

The biggest challenge seems to be finding lenders that offer these loan products which is where I’m looking for help from the community with recommended lenders that serve Texas.The Fannie Mae (or Freddie Mac) options are preferred over FHA purely because of the (perhaps perceived) limit on renovation funds that the FHA option provides.

Personally, I love them because they offer built-in diversification.In my experience, local banks are your best bet for financing mixed-use properties.

As a new investor, I have limited capitol. 

With your income, you may qualify for an FHA loan with a smaller down payment, but buying now could limit your borrowing power and increase monthly payments.

While there are some limits here (you don't need a pasta maker), asking about having a plunger in each bathroom closet is insane.