Quick tips…✅ Everyday Homeowners - track all home improvements as you could qualify for energy efficiency home improvement credit - new exterior windows, new central A/C, new hot water heater, new insulation material.✅ Investors - Keep detailed records of ALL rental property expenses to reduce your taxable income - helping your CPA spot additional tax saving opportunities.Imperative to use a CPA who is well versed in Real Estate tax code.My CPA is just that - DM me to get his contact information....

A good one will be able to take a look at all your finances and let you know whether you need a lease or not on your primary residence before you qualify for the loan. 

If you can qualify with your income, DTI and employment history, conventional may offer better terms.

At the financial institution I used to work at they qualified you at an interest only payment, assuming a maxed our line amount, and the interest rate used in the qualification process is  +5% of what the actual rate will be.This could be higher than a traditional mortgage payment in a lot of cases.

How much are you qualified to borrow and what will your monthly costs be for mortgage, insurance, taxes???

Depending on if you qualify for the special allowance for active RE, you may be able to take up to $25k in losses (unless you are full time in real estate and may be able to use real estate professional status). 

Their offering Turnkey section 8 rentals that they've purchased, rehabed, qualify for Section 8, get it leased, and then manage it for you.

@Mary Lopez I recommend most investors skip multifamily properties that don't qualify for agency (Fannie/Freddie) or HUD financing. 

I've never heard the 25% thing before, but any difference between FMV and sales price would technically be considered a "gift" with potential tax implications for your parents.You can avoid most seller costs as there's no reason to use agents in this case.As an FYI: I always recommend avoiding a FHA loan, if you qualify for a low-down payment conventional loan.

All Contractors are subject to the lender’s determination that the contractors are qualified and experienced, have all appropriate credentials required by the state, are financially able to perform the duties necessary to complete the renovation work in a timely manner, and agree to indemnify the borrower for all property losses or damages caused by its employees or subcontractors.Multiple Specialized Contractors:Ø Since this is a limited repair/renovation program, no General Contractor is required.