While gifts exceeding $18K per year (2024) require filing Form 709, they don't create an immediate tax, but the IRS may scrutinize this as tax avoidance.Tax-Saving Alternatives:Prorated Section 121 Exclusion – If you lived in the home part-time, you may qualify for partial tax exemption.1031 Exchange – If your share was an investment property, reinvesting the proceeds defers capital gains.Installment Sale – Spreading payments over time may reduce your tax bracket.Adjusted Basis Review – Factor in capital improvements and selling costs to lower taxable gains.This post does not create a CPA-Client relationship.

I was able to secure $27k from them and $8k from our savings and the deal went through!

.- **Interest Rates Can Affect Refinancing Plans:** If rates increase, refinancing to remove PMI or lower payments may not be an option.- **Scaling Can Be Tricky:** FHA loans are typically for primary residences, meaning you’ll need to strategize if you plan to purchase additional properties.Thinking through financing options and backup plans before you buy is essential.### 5.

I've got about 7k in an emergency savings account.I am in the process of getting several mortgage pre-approvals to compare fees and get an idea of how much home I can realistically afford.I have yet to find a buyer's agent/investor to help me identify potential homes but will start on that shortly.Ideally, I would like to buy a single family home.

I'm planning to use that money for a downpayment  to buy a multifamily where I would live in one side and rent out the other side. 

Plan for the unexpected3.

@Jorge Liang Closing the loan under your personal name saves about $1,200 in lender points, but transferring the title to an LLC later comes with costs and risks.

Once you are in the habit of not spending so much, with no debt in a few years, you will be able to save and invest like crazy!! 

Cash Reserves & Emergency Fund✅ Have 3-6 months’ worth of expenses (mortgage, insurance, taxes, and maintenance) saved.✅ Keep an emergency fund for unexpected repairs and vacancies.2.

In 1-2 years you could save enough to purchase a home to house hack.