I know in Philadelphia if I had a 2 BR house it would be viewed favorably by tenants who are seeking 2 BR living situations because most inventory will be apartment style living and for this reason would achieve a rent premium.

A lot of the popular areas in Charleston proper that are not licensed under the old laws now require the owner to live on the premises to obtain an STR license.

Similarly, the sale ($575K) minus your adjusted basis determines your capital gain.You may qualify for the primary residence exclusion (up to $250K single/$500K married) if you lived there 2 of the last 5 years.

However, I am thinking of having my parents who are retired living there part of the year and doing STR for the remainder of the time.

Investment property (not primary residence) It's the industry standard if you're not going to live there.

Not going to live off that income.

As a CPA who lives and breathes real estate taxation, I've noticed something interesting that I want to share with the BiggerPockets community.

Let me preface my story with my definition of freedom: doing what you enjoy for a living with the people you care about.My name is Peter Neill.

I live around Huntsville, the epicenter of northern Alabama.

Do you have live meetings to ask questions to experts?