If your second home vacation rental is on schedule E as I've been told it should be then everything is still deductible as before.Plus there is the 20% deduction from business income in addition.I just listened to a Tax attorney on a 2 hour call yesterday and the tax reform is a great thing for real Estate investors.

Imagine moving into a rental that has a boarded up house on your left and right.I do believe in the long term (or even short term) appreciation of East Franklinton if the city actually executes its plans on reforming it.

There's a lot of discussion on the Trump and republican tax reform and how it can impact housing prices, local taxes and state taxes etc.The thing that really affects us Landlords, home owners, property owners are LOCAL and State laws.

Unfortunately this legislation has been held up in committee for over 15 years by politicians who care more about their personal interests than those of the American people so we have to continue waiting for real, meaningful tax reform.

I went to a loan officer this afternoon and he mentioned that due to new tax reforms, those loan where gone over night and it all switch to grants, which have far more regulations and restrictions.My question to you guys is what would you do in this situation, how would you finance your first flip with out a down payment? 

@John Bucknum as a reformed Civil Engineer with some background in sewer and septic systems I would offer this.

With the recent tax reform and SALT deduction changes, I’ve been thinking whether an LLC would help with my tax deductions and be a better way of protecting myself vs. liability insurance.

However, in the Senate we came away from our meetings with the feeling that they look at §1031 as something they can go after do w/o it.November 1, 2017 : Text of tax reform bill will be released by the House Ways & Means Committee.Week of November 6: Mark up in the House Ways & Means Committee.Week of November 13: House Floor consideration of the tax reform bill. / Mark up (tentative) in the Senate Finance Committee.November 17 - December 24: Passage of tax reform bill targeted for as early as the Thanksgiving recess (November 17) or as late as Christmas Eve.The goal of the White House and Republican leadership is to have a tax reform bill signed into law within the next 3 to 8 weeks.

However it's looking probable that the new tax reform bill is going to include a provision that requires 5 years of residence out of the 8 years prior to sale. 

Barring the air force base closing down or major student loan financing reform there will always be a demand for rentals in the area.