Need to clean the junk out of house .. hoarder .

Renting could allow you to focus on paying down debt and saving for a larger down payment, while buying now could help you start building equity or even generate passive income through house hacking.

You'll likely want someone that can handle A to Z with marketing, pricing, cleaning, maintanence, decor, websites, reviews etc.

After I fill the last vacancy, the building will generate as much cash flow in one month as its predecessor would have generated in a year.There are so many other stories whose origins are with that same knock on the door, but this one's already long enough.

That will probably be your best bet, to buy a fixer and get it cleaned up and then rent it out.Best wishes and good luck with your endeavors.  

Hey Tim, For the REPS status, you need to pass TWO tests to offset the losses generated from rentals against your active income. test 1. 750 hours in a real property trade our business and more then any other activity. test 2. materially participating in your rental activities. 

Potentially even visa versa since putting a few short term rentals would immediately generate some income and then sell off the parcels either with or without an income producing rental already in place.

I made a few deals in North Dallas.Special assessments and HOA fees are a risk and renting out a condo most likely won't generate much of a cash flow.At $300k with you credit and saving you can still qualified for a loan for sure we have to find the program that works for you.On that budget you could find a nice place no that far from work so you don't have to move far to the suburbs. 

Because you are essentially buying into an existing business, the sale of it could generate a disproportionate amount of tax for you given your time in this deal.

The last time I stayed in one, I was charged a large cleaning fee and then met with a list of what to clean prior to us leaving.