Quote from @Michael K.: Quote from @Luke Stewart Stewart: I am looking to buy a condo in the city using a second home loan.

Would you be broke after the 40 K?

There also will be Section 1231 gains from the final K-1 that end up on line 7 of 1040.

Quote from @Steve K.: We've bought over half of our properties during the holidays.

Quote from @Steve K.: Did you write your offer up and provide financials along with it?

Be sure to max out your contributions if you work for a company that offers 401(k) matching.

Options include:Renovation Loan (FHA 203(k) or Fannie Mae HomeStyle) to cover both home purchase and ADU construction.HELOC or Cash-Out Refinance if you have equity in your home.Construction Loan specifically for building the ADU.This post does not create a CPA-Client relationship.

Quote from @Jim K.: This really ended up being one of the best posts of last year, and in @Jake Andronico we really got a good example of someone giving back and telling it like it is.Wow, very kind words Jim.

I have house hacked twice here in Los Angeles and used the FHA 203(k) loan. 

They will need to file a partnership tax return, and each owner will receive a K-1, which will include their individual SSN.