Secondarily, if we can have a year wherein we can significantly decrease our tax liability thought REI, we would use that year to convert some of our tax deferred investments (403b, 457b) to in-plan Roth conversions and pay the taxes on those conversions - hoping that makes sense.We are open to STR, MTR, LTR - we just want to make a wise decision that lowers our tax liability. 

Just quick math with 5% down your loan amount would be around $1.8 million and depending on interest rate, $11.5k to $12k monthly mortgage.

For yearly filings, ensure you are aware of and adhere to state-specific requirements for annual or biennial reports, and timely file both federal and state taxes using software like TurboTax or H&R Block, or consult a tax professional if needed.

Hi @Claudia Stewart I would recommend the same than Greg, for first time investors.That will always depend on the risk tolerance that you have.

Typically, you must give them at least a 30-day notice, depending on state laws.

Do you like cash flow and paying less taxes or are you looking for the highest potential returns with a bit more risk?

He would like to sell the property while minimizing his tax liability, which ideally would be an additional land contract to our company. 

If you live in it at least 2 years, you have the option to sell within 3 years after move out and not pay capitol gains taxes on up to $250k in profit as a single person.

Just my experience as both a buyer and seller's agent in my area - it could depend on the mentality/culture of the area you're in. 

Depending on credit history and how the property would perform from a rental income standpoint you may have access to up to 85% financing on an investment property 1-4 unit purchase.