As you mentioned intentional flips are typically considered inventory-This means the income is ordinary income and as such: - Is not a capital gain, so hold time of 1 year does not change to a better long-term capital gain rate - Can not be invested in a QOF Deductions related to it can't be pushed or changed- all costs are accounted for with the inventory component 

Investment Info:Building a Fix and Flip/Wholesale Active Income Arm of Our Business.Routinely have 5-10 active flips/wholesale deals under management/in process.

A FICO score requirement of 650 or higher, along with at least three years of consistent income that's 3X the monthly rent, are also a good ideas.

Do it yourself with TurboTax (or similar software)If your rental is pretty simple (one property, basic income & expenses), you can learn the basics and still save money.

Assuming when you say "$3900/mo in rental income" you mean cash flow.That means it will take you about 13 years of rental income to equal the $500k in equity you have now. 

This is what allows for so much more retirement income.

With you being qualified for an FHA loan on your next home that you're purchasing, will you be using the rental income from your departing residence to offset the mortgage payment on that property?

You Might Not Live for FreeMany first-time house hackers expect that their rental income will fully cover their mortgage, but that’s not always the case.

You have to report all other types of income to WV besides Wages and Salaries.Therefore, yes, you would report the WV Rental income to WV.

Sadly, the "home office" deduction is one of the IRS pet peeves meaning that you are more likely to be audited for this deduction when it is on your personal income tax return.