My understanding is that typically, a homeowner must live in the property for at least a year before converting it to a rental.

Typically, I run a current income/expense column next to a ProForma column to show potential value add opporunties.I agree with @Robert. 

Use depreciation on rental properties to reduce taxes further, and consider 1031 exchanges to defer capital gains taxes.

- Of course, most of these PMCs weren't even properly licensed and were typically one-person companies.If you have an LLC, the PMC will only need the LLCs EIN.- If you chose to set up your LLC as a pass-thru entity, then you will need to supply your SSN.FYI - to avoid getting nasty letters from the IRS about errors (which might cause us to be audited), we will ask for a copy of your EIN assignment letter or a copy of your SSN card to confirm those numbers.

I haven't lived in it long enough to be exempt from capital gains, good point on that.

Hi, I am keen on a property but checked that it uses Oil for heating (instead of the typical gas or electric).

Typically, you are not required to pay FICA taxes on the salary deferred to a Solo 401(k) in 2024.

Hi John, would you be interested in the Lake Lanier areas in GA in Hall or Forsyth counties?  

Experienced investors typically value properties like yours by analyzing cap rates, cash-on-cash returns, and income growth potential.

If I had to leave a takeaway from this post before getting too far in it would be that whatever goals are had you have, we have these goals for a reason and typically it does not go exactly as planned but even if it doesn't go as planned, we can pick up where we left off and give it a fresh start.