However, there is no specific holding period contained in the tax code or regulations and there is no "safe harbor." 

While I haven’t chosen a specific niche yet, I’m leaning toward purchasing a multi-unit apartment where my 20-year-old son could live and help manage while we rent out the other units—essentially a form of house-hacking.So far, I’ve connected with a few real estate agents and gained MLS access, which has been a great starting point.

You might consider other strategies, like taking a home equity loan or refinancing to fund repairs, but consulting with a tax professional or CPA would be the best next step for your specific situation. 

I’ve built a 12-door portfolio here since 2019, and it’s been one of the best decisions I’ve made in real estate.If you’d like to dive deeper into Detroit-specific strategies or need some pointers on how to get started, feel free to reach out!

Okay I know I asked a different question earlier but I have another one considering anther situation. So this Multi I want to offer in Kearny New Jersey (NJ) has an illegal finished bathroom in the basement and finish...

Have you purchased a property yet? 

Asking about the SW suburbs specifically, in the land of long sidewalks and big actual parking lots. 

If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

I would be much more specific on pricing.

Specific example,  I tell all my owners that any minor repair less than $150, i will fix for free.