Keep detailed records of income, expenses, and improvements, and choose the right filing approach based on your comfort level with these rules.This post does not create a CPA-Client relationship.

I’m hoping that once I do have enough saved I can buy the second property and continue house hacking.Something like this: https://www.realtor.com/realestateandhomes-detail/2574-W-Fai...? 

I  have a detailed reply above that explains it and provides the code citation to read as well

I borrowed more money and built a new detail shop; no more crummy landlord!

This type of deal can also help you minimize upfront costs, as you’re reducing the cash needed to buy the property outright by aligning the seller’s financial outcome with yours.While there may be details to work through, such as crafting a solid contract or ensuring alignment with any financing you bring in, these can be easily addressed with the right team in place.

Please post more details once you meet, and good luck!

Sit down with a 1032 Accommodator and have them explain the details of a 1031.   

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

Have you obtained any detailed cost/benefit analysis quote?

Speak to a Realtor or Appraiser: Get a more detailed estimate of what the property could sell for with and without renovations, as well as its potential value after adding an ADU.