In general, expenses related to the purchase or improvement of a rental property can be deductible, but the treatment of these expenses may vary depending on the nature of the expense and applicable tax laws. 

Look at your monthly payment (PITI = Principal,Interest, Taxes, Insurance) + HOA + (other maintenance fees if any) and if this amount is less than what you charge for rent (whether its Long, Mid, or Short Term rentals) and you are happy with the positive cash flow, then yes.Or maybe you're breaking even with the condo but you have  knowledge that the condo will explode in value due to some business/attraction/law/policy that will prop-up the sales price in the near future, then yes.Really, it boils down to what your goals are for this first investment.

It's a good idea to talk to legal and financial experts about taxes, insurance, liability, rental agreements, and managing your finances.

But one undeniable benefit of house-hacking is to ability to reduce w2 taxes for primary residence with interest rate payments.

With the exception of places like South Florida which can be quite saturated, Florida is great for high return potentials because of its consistent population growth, beneficial tax laws, and strong markets.

.” - So does that mean if I get a $100k credit, I actually owe $109k?

Of course, some aspects of feasibility depend on how much is owed on the house, the mortgage payment, and amounts of life insurance benefit(s).Does that clarify?

Additionally, they engage in charity work and support Christian ministries, which may resonate with those sharing similar values.Our financial advisor initially recommended SDIRA Wealth for its tax strategies, and it has proven to be a solid choice.

I will wait until we've held the lot for at least 1 year to avoid additional taxes owed per my CPA's advice.

You are supposed to estimate what you might end up owing the IRS when your taxes are finally done and make this payment on April 15th, preferably here on the IRS website.