If we rent the unit at $1,425, I have an estimated monthly cashflow of $302 (rent at $1450, cashflow is $325) I DO include vacancy, repairs, and cap exp in my Box2 Expenses.

I used to live in the city and the taxes and water bills are nightmares.

you said "rent covers mortgage." you need it to be significantly higher than the mortgage to cover all the expenses you are going to incur.hope this helps...

Thanks for the feedback; some quick stats: 9 doors across 4 states, about 50% LTV ratio with a Net Income of about 17% and cash on cash of about 3%.....in fairness those numbers include some overall business expenses not tied directly to one specific property.

This means the property is owned by the IRA, and all income and expenses flow through it.

Get a duplex and live in one side.

For the son to qualify for the $250k exclusion, I believe he would most likely need to meet the ownership and use test, meaning he needs to own and live in the home as his primary residence for at least two of the last five years before the sale.

If you are not planning to live in the property, then you are not going to qualify for an FHA loan.

Is the basement legally considered living space?

I live in the greater Maryland  area.