Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

I financed the acquisition of the land with personal and private money.

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra. 

@Sonya Sharova I haven't personally done Frank Rolfes boot camp but I have heard it's great.

ALSO, You can buy your personal home that is a rehab, fix it up then live there for 2 years.

i think this is a decision only you can make. im in a similar boat (house hacking my primary) and considering renting the whole thing out to get a solo home for myself. certainly a lot of appeal in that, given how much work goes into the house hack. but whether or not the numbers on cash flow align is up to you. personally i dont think $150 (seems like about 12%?)

Personally, I advocate for a long-term investment strategy and would recommend investing the funds, provided you are comfortable with the expected return on investment over time.

Even if you personally have just a modicum of design aesthetic sensibility, after reviewing 20 or 30 properties, you will quickly be able to get a sense of the winners.My 2 cents,Mike

This is one of the best ways to scale a portfolio while keeping low out-of-pocket costs.Big Picture: The Best Move for You•If you need funds now, a HELOC in your name makes sense—but keep the rental in your personal name to avoid triggering the due-on-sale clause.

I highly suggest as many in-person networking events as possible!