.✅ Investors - Keep detailed records of ALL rental property expenses to reduce your taxable income - helping your CPA spot additional tax saving opportunities.Imperative to use a CPA who is well versed in Real Estate tax code.My CPA is just that - DM me to get his contact information....

This change has helped generate more bookings, but it comes with a trade-off: guests booking single nights on Fridays or Saturdays might prevent full weekend bookings.Lowered PricesWe’re utilizing PriceLabs for dynamic pricing and have reduced our rates to stay competitive during the off-season.Listed on Furnished FinderWe created a Furnished Finder account to target mid-term stays, which I hoped would solve our slow-season problem.

Yet for owners of rental SFRs, duplexes and condos—not to mention retail and restaurants—COVID-19 threatens to reduce landlords’ rental income, perhaps entirely.

A 1031 also adds complexity and timing pressure.Watch Out For:Opportunity Cost: Renovations tie up cash that could go toward other investments or reserves.MTR/STR Management: These models require more time and effort than LTR, even without a property manager.Market Risks: WA properties may appreciate slower than expected, and higher costs could reduce your margins.If cash flow is your priority, option 1 (renovate and STR/MTR) likely offers the highest upside.

With that said I feel like I significantly improved my position and reduced my stress..Being  high income earner is great, but the goal is what you keep and what you spend.

@Parker BullardFrom my experience, house hacking is a great way to reduce housing costs by renting out part of a property, like a duplex or triplex.

We try to limit as much risk as possible while reducing the capital carry. 

Vehicle expenses are one of the major costs to consider, so living nearby helps reduce those expenses and saves you time.

., rental income reduces or we got laid off), is it a good move?

If you have rental(s) or plan to get one and want to decide between long/mid and short-term rental strategies taxes do play a roll if you have high W2 income you want to try and reduce you tax burden.