You’re not making new deductions, you’re simply pulling them forward so you have less deductions in the future.

Considering I'm gonna be 22 in July, if I started this and moved back in with my parents from 23-25, I wouldn't mind this lifestyle if it means a better future down the road.

I'd do your due diligence to understand if there are parking or use restrictions here that might make backfilling the office space more difficult in the future.- So I understand correctly that you will "cash flow" or profit $80K a year? 

For future projects, we set the closing date much further out to give us a chance to pull permits way before closing.

Anyone can paint, but it may look like a middle school project.

Figuring things out as you go can be hard, but it's cool that you're already getting bookings and have a long-term rental set up.This community is perfect for learning and getting advice for your future plans.

That negotiation with cost participation, or their funding of the project should begin with them.    

Hi Nadeem, Out of state BRRRR's has been something I've kept in the back of my mind as a strategy to pursue in the near future..

The math showed that was the right choice to get the step-up in basis within the foreseeable future.

As I've been telling more and more friends and colleagues about my REI journey, I've gotten more and more offers from these individuals to be money-partners in future deals.