I don't think the market will continue to appreciate as it has over the past few years and that equity isn't something I can realize until I sell the property which I don't plan to do. 

Owning a home also gives you stability (ie your landlord can't decide to sell your home), flexibility to do what you want to with the home and the money you are paying is paying down your mortgage, not your landlord's.One other question is do you plan on moving anytime soon? 

Also, the turnover will be much lower, but maintenance costs might shift too, so it's good to plan for that.Happy to connect if you need more tips!

You can’t win the the present value game unless your plan is the absolute best investment plan, AND an owner occupant or neighbor doesn’t want it. 

I had a similar strategy with my first few house hacks: buy in great A & B Chicago neighborhoods....get by with minimum cash flow, and wait...What's your plan for the next purchase Michael?

Lots of good advice here, but no one asked what your parent's retirement plans are?

Remember this is a marathon......That said are you planning to flip, hold(short or long term?)

Make sure your wife agrees with this plan, though.

Assets identified in this study include:Standard windows and doorsInterior ceilings and wallsBasic plumbing and electrical systemsBuilding structural elements and roofingBasic HVAC componentsWater heatersFire protectionThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

I plan to consult a tax professional but before wasting anyone's time I would like to ask whether I can technically claim the property as a rental in 2024 even though our first contract started Jan. 1, 2025?