I started this refund request process 12/29/23 and it has been extremely frustrating in its' own right, to say nothing of the challenges that prompted the refund request being made in the first place.

They're going to use a DSCR approach and are extremely stringent right now.

There is a special way to report it to get the deduction while not triggering a computerized notice from the IRS disallowing the deduction.

Hey @Danny Sanchez, down payment assistance is extremely common and a great resource, especially the Minnesota Housing program!

The explanation is extremely complicated and unable to be explained simply which in itself is a red flag to practicing financial planners (Who do not stand to gain a commission when selling this product)

Your credit and some basic liquid assets matter, too.Finally, DSCR loans are for “turnkey” properties only, meaning any property needing any significant renovations or rehab is not going to qualify, and you will likely need to explore hard money options instead.https://www.biggerpockets.com/blog/dscr-loans-terms-to-knowAnd extremely relevant to your post: BRRRR Loans: What Are the Options, and How Do DSCR Loans Stack Up?

Hello all, I am currently interested in finally pulling the trigger and getting into my first property towards my RE portfolio.

RA to the rescue ... of course these are extremes but it's about the principle... these are strategies that are not for everyone.

These can be extremely tricky situations to manage.

One model I’m seeing investors doing is the rent by the room strategy / padsplit.IF done right, you can turn a single family home to function like a multiplex - increasing the cash flow by double, even triple oftentimes.Has to be the right property of course / layout / characteristics to minimize drama and conflict between roommates / tenants since it’s a longer stay than STR and spaces are shared but with the right set up and systems in place in can be extremely effective and super profitable.You can easily switch from STR to MTR since it’s already furnished and just make a few tweaks.I can definitely help you put some ideas together or connect you with some investors I know doing it in Jacksonville FL.