Thank you, for voting for this article.

If you do it yourself make sure that you look up the Nebraska LLC Act in order to make sure that you have everything the articles of organization or certificate of formation require (different states have different names for an LLC filing). 

There are some excellent posts/articles on house hacking and buy and hold strategies. 

After reading a few articles, mostly here on Bigger Pockets, as well as watching the videos it seems like an easy system to use which worries me that I am over looking something.

Compounding that mistake, however, was that the home shifted significantly (despite being repaired numerous times).  

Based on what I read, half the articles say a flip doesn't qualify for capital gains, while the other half says " well you kind of do".

I have read Bigger Pockets articles and other Real Estate Investing books for years.

Good luck and have fun exploring the forums and articles.

I agree with the article on a macro and national level.  

This did not sound right to me, i believe you cannot deduct your "rent" from the income of the property, you are the owner ( unless it's under a corp and you pay rent to the corp - possibly) That is considered your personal residence and all deductions need to be pro rated. here is an article to read: http://finance.zacks.com/tax-deductions-owneroccup...I would consult with a CPA on this, and BTW in your example you would both want to claim $400 so each had full deduction, not $0 for him.