The calculation uses the following formula: Total Rent Potential x 75% ≥ PITI (plus HOA if any). 

Total waste of my time and his.  

In total it cost me about $500.Unfortunately, I was not able to reconcile the needs of my niche market with what the Capital Syndicate had to offer. 

Right now, that fund is in ETH and is about 6,000 total which I estimate to return probably around 20% by the end of the year. 

I'll add on to what the other Ben said and mention that there are exceptions based on the # of days that you rent out your home to where the income/expenses are excludable (being lesser of 14 days or 10% of total usage if under 140 personal use days).

Since we have 2 buildings (right next to each) the total is $500.

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

Then over the course of the first year or so, if you could raise the rents by a total of $1k/mo (they are currently $2k, $1k, and $1k), then you might be able to pull out about $60k-$80k in a cash out refi. 

I know you said $5,400 but is that the correct monthly rent(total)?

I might be totally wrong in my thinking, what am I missing?