In addition, break out every reason you acquired the property for less than fair market value.

Do you have to do new development or can someone just acquire a property there and hold it? 

We are looking to acquire more communities but it seems most of the communities we're assessing in the Southeast/Midwest come with significant park owned homes (POH). 

You are going to have two sides to your firm depending on whether your acquiring and managing as one part then raising capital on the other.

The skills you acquire will easily translate to building your own multifamily business.

Since my parents still have capacity for more conventional loans we are exploring that avenue where they acquire via conventional financing and I exchange with the proceeds in to a couple SFH with the cash.  

We did the homework and found they would have good cash flow and made a move to acquire them. 

Also networking with other agents are great as I've sold a couple of my wholesale properties through other agents and also acquire wholesale deal as well. 

I am a new investor myself here in Rochester and am in the process of acquiring my first SFR.

@Don IrelandOwning a duplex that you plan to househack is likely up there in complexity when discussing tax returns.When you acquire the property - you will have acquired an investment property in addition to a personal residence.As such - direct expenses related to the investment property and indirect expenses related to the investment property will be deductible when calculating rental income.I agree with Ashish - that you should open up a separate account that relates to expenses paid for the duplex.