If its a log cabin it might have trouble qualifying for the refi - would be smart to get some opinions early if that is your gameplan - would likely be a bigger potential hurdle than the gift/original purchase process

Depending on if you qualify for the special allowance for active RE, you may be able to take up to $25k in losses (unless you are full time in real estate and may be able to use real estate professional status). 

Quick tips…✅ Everyday Homeowners - track all home improvements as you could qualify for energy efficiency home improvement credit - new exterior windows, new central A/C, new hot water heater, new insulation material.✅ Investors - Keep detailed records of ALL rental property expenses to reduce your taxable income - helping your CPA spot additional tax saving opportunities.Imperative to use a CPA who is well versed in Real Estate tax code.My CPA is just that - DM me to get his contact information....

It took me 5 days to find qualified tenants with good credit score and income but my property manager still charges me full listing fee even though I did the whole listing, marketing and prescreening and they helped with 1 showing - they only showed one tenant who I prescreened through Zillow.

The nearest metro is 45-1 hour away and this property wont qualify for that region

@Mary Lopez I recommend most investors skip multifamily properties that don't qualify for agency (Fannie/Freddie) or HUD financing. 

Rental income would be reported on Schedule E, and these write-offs could offset other income if you qualify as a real estate professional.

How much are you qualified to borrow and what will your monthly costs be for mortgage, insurance, taxes???

All Contractors are subject to the lender’s determination that the contractors are qualified and experienced, have all appropriate credentials required by the state, are financially able to perform the duties necessary to complete the renovation work in a timely manner, and agree to indemnify the borrower for all property losses or damages caused by its employees or subcontractors.Multiple Specialized Contractors:Ø Since this is a limited repair/renovation program, no General Contractor is required.

For almost any kind of permanent rental/investment property financing (whether Conventional, DSCR, or local bank), you are going to need a decent credit score to qualify.