Instead, the lender wants to see that the monthly income from the property can cover the principal, interest, taxes, insurance and HOA (if applicable). 

Title issues, seller issues, non-refundable deposits, no inspection period, lending issues, appraisal issues, liens, IRS liens, city liens, no wills, unpaid back taxes, solar liens, and all kinds of other crazy stuff.   

🧮It sounds like you have these priorities for your next PNW property besides the standard FI road map:- Something that has positive ROI (appreciation + cash flow + tax deductions + loan paydown) purchased at $1M with 20% down and ~6.8% interest.

In fact, the rule of thumb in the industry is called the 50% Rule: that 50% of the rent will go toward non-mortgage expenses (vacancy rate, repairs, maintenance, insurance, property taxes, management, accounting, etc.).

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

One thing I forgot to mention… So yes, it is ideal if the building is deleted prior to listing your units.

If so, this is not the gain for tax purposes.

We need some general input on getting started from the ground up with a decent amount of money to initially invest from the current tax year.

However, another illegal aspect is when a non licensed party publicly advertises the property prior to owning it.

I've also filed my personal 2023 tax returns and have those available with the STR income included.