Clear financial separation ensures all rental expenses are deductible, maintains legal protections, and simplifies tax compliance.This post does not create a CPA-Client relationship.

I have not yet but I am planning to look into it for a client in the near future.

Hey @Dalton Foote - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

A client of mine recently renovated a mobile home in Tempe, and it's become a surpisingly lucrative rental.

Section 179 deductions may apply to assets directly supporting your business, excluding personal-use components.This post does not create a CPA-Client relationship.

That is actually still challenging enough, as many clients have told us - in hindsight they were glad we talked them out of a full-blown rehab.

., commissions, fees) and consider a 1031 exchange to defer gains by reinvesting in another property.This post does not create a CPA-Client relationship.

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

Consult a CPA to ensure compliance with tax regulations and explore strategies that align with your goals, such as providing for your mom while managing tax implications effectively.This post does not create a CPA-Client relationship.

Finally, double-check local demand and rent trends in the area to ensure the pro forma income is achievable.I’ve worked on several mobile home park deals as a broker and am currently helping a few clients sell their parks, so I know how important it is to ensure the numbers make sense both now and in the long term.