https://treas-secure.state.mi....some things to keep in mind:-Non owner occupied properties pay 18 mils more in taxes in Michigan - Even with the SEV you should plan that the SEV will go up.

In two years I plan to pull equity from my home, rent it out, and purchase another to live in for two years..

Regarding BRRRing OOS - it can be very dangerous:(Too many newbies take contractors and agents at their word, when "trust, but verify" is extremely important.Given you're in Chicago, would recommend you plan 2 trips for a BRRRR:1) Initial walk-thru with contractor(s), which you should video for documentation & accountability.2) Final walk-thru BEFORE paying out final amounts to contractor(s). 

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

@Matthew McleanBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

Got a question for the Jersey City hosts - I bought a single-family home recently and plan to rent out some rooms.

And exciting and for the very few that can pull it off can be quite financially rewarding.. you don't need architect type skills that's not needed until your actually going to build in most cases.. what you need is land planning Zoning city politics and it helps to understand basic underground construction .. but you don't need to be an engineer or especially an Architect to pull these deals off..

It sounds like you might be in the situation I'm in: buying a vacation home that I plan to use as a STR when I'm not using it so that other people can help pay my mortgage.

Hoping for a resurrection with deregulation & any yet to be announced plans for DC….

We’re planning to rent out our fully furnished 3-bedroom, 2-bathroom home in Phoenix-Metro area from March 1st to August 31st in the future.