If we decide to do STR (I think we will trial it), some of the best performing 2BD Airbnbs have average gross incomes of ~$49k/Year (~$4k/month).IMO I think furnished rental house hacks have so much upside.Is anyone else out there combining house hacking with furnished rentals?

I'd plan to pay off both loans within 5-7 years with cash flow from the rental and other income and assets.I'm an accredited investor and will still have more than a year of expenses covered in liquid assets and additional funds to buy another 1-2 properties in the next 2 years, which is my goal.I don't know if I've provided enough or the right information to get some opinions if what I'm planning to do with my current house and new home purchase makes sense. 

Income Digs has great YouTube videos on how to tailor QBO for real estate investors if you're looking for a DIY approach or some education on it. 

I personally like "the quickbooksdude," "Hector Garcia CPA," and "Income Digs."

Please keep in mind that "suspended passive losses" or losses that are generated that are passive by nature, will STAY passive losses, and CANNOT be used to offset active income.

Overall the positives outweigh the negatives in my experience and what you lose in nightly rate you make up in occupancy/overall income and ease of management. 

@henryClark  owns property there and is up to speed with most things Belize.I was just down there in Jan. looking at some government sponsored low income housing where there were capital needs.

For example: 975k for an old (100 years) place with 100k income and 27k property taxes and owner paying $8,200 in annual utilities plus insurance and maintenance costs. 

Reporting each property separately on Schedule E is generally the correct approach, as it allows you to accurately capture the income and expenses associated with each property.

Truthfully I couldn’t afford with of my duplexes without the rental income.