And the plan is to convert an existing Airbnb I own (and have run as an Airbnb since 2019) to PadSplit.

He should read his mortgage and see what it says about renting and/or converting to rental.

I bought 6 unit property in Wildwood,NJ,in November 2024, doing rehab now,  should be done by May 2025I am planning to subdivide 6 unit building to 6 separate condos and sell fall 2026, , if there are any experts in 1...

I found what seemed to be a great property with a house for an STR and other space that I could expand for camping/RV sites and a barn that could be converted into a venue for events. 

However, after receiving the survey results, I discovered that the house is located less than 1 foot over the sublot line (see attached image).Here are the options I’m considering:Rent the current house for market value (~$1,500–1,600/month) and convert the detached garage into an ADU to rent for ~$1,000/month.Relocate the house to split the lot, then sell the newly created lot (~$100,000) while renting out the existing house.Relocate the house to split the lot and build a new home on the second lot.Demolish the current house and garage, split the lot, and build two new homes.At this time, I am uncertain about the cost of relocating the house.Questions for the community:Has anyone faced a similar situation?

For a rental property, the gain is subject to capital gains tax (15-20%) and depreciation recapture tax (up to 25%) on any depreciation claimed, unless the proceeds are reinvested.To minimize taxes, consider reinvesting the sale and insurance proceeds into another property under §1033 or converting the property to a rental before selling to claim depreciation deductions.This post does not create a CPA-Client relationship.

I’m currently in the process of searching for my first property, which I hope to house hack and eventually convert into a long-term rental. 

Our team buys the properties and converts them and manages them so it has been a great learning experience seeing all three phases from taking down a project, renovating the building then managing the lease up.

If you are using STR, REPS, or self rental with material participation to convert to active or nonpassive income, you do not have to do this if you have passive business invesment that produce passive income that will exceed the loss generated by depreciation.

Hello - I have a side-by-side duplex that i'm converting into an STR.