Hello all, I am a newer investor who currently holds two multi fams going really well.

It will be VERY interesting to see how these three factors influence existing home sales over the next 3 months:Seasonal slowdown (-)Mortgage rates dropping (+)Buyers potentially paying their own buy-side brokerage commissions (-)Average Number of Offers Received per SaleThe average home sold in July 2024 had 2.7 offers, down slightly from 2.9 in June 2024, and well below 3.0 in July 2023.

But if you rent any property, including part of your home, for more than 14 days, then you have to report that income on your taxes.However, based on what you said, you won't meet the IRS requirements (Treasury Regulations section 1.280A) to be considered a short-term rental (STR) when you file your taxes. 

You can succeed even now if you have enough money so you are in control of when to sell, and your tenants are screened more than well.  

FF really only does well with medical professionals on travel contracts - so if your property is affordable and near a hospital it would do well, otherwise usually crickets - at least here in FL. 

From my 6 years of living in USA, my observation, I have realized that in American norms, parents' well-being in not their kids' responsibility.

While I'm also looking around, I figured I might as well ask the nice folks on BP.If you have a broker you love or a policy you've used before, would you mind sharing that info?

Well done again Michael!

I purchased this home back in 2020 knowing full well that eventually it would require a good bit of rehabbing.

If you can't satisfy this 3 point test, there's significant risk associated with pursuing an STR strategy no matter how well the project underwrites today.