Quote from @Lisa Albright: Hi All,Newbie here, just a quick question we are building an addition on our second home, we have a primary residence, and two rental properties.

I have a few buddies and family members that house share.

They claim only 2-3 percent of the companies are audited so the more clientele they have the percentage of audits will be less even if they make some calculated risks.Few Deductions they highlight which you can get with proper planning and right CPA.1) 119A - Revenue stream bifurcation2) Augusta Loophole 280A - use primary residence for 14 days of business and pay you back without tax implications.3) Paying your medical and children education fee using c-corp4) offcourse the famous charitable llc - another program and package.Thanks for the insight.

Our primary residents also has some equity, I have a HELOC with $166,000 available funds.

Investment Info:Single-family residence buy & hold investment.

Investment Info:Single-family residence buy & hold investment.

Investment Info:Single-family residence buy & hold investment.

Hey Colin, it’s fantastic to see someone your age diving right into the real estate world.. reminds me of when a buddy of mine bought his first duplex in Omaha.

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

Investment Info:Single-family residence buy & hold investment.