It is very difficult to execute as there are so many moving parts and people involved. if you do a few buy and holds first, test out contractors and slowly build your team you can prepare yourself to take on deals like this. 

The reality that neither view is realistic or probable.The best advice I can give would be to underwrite for long-term leases as that can be an acceptable exit strategy, but be prepared to execute well on your MTR strategy (great interior design along with profesisonal photos and concierge servive). 

You should be consulting with your CPA ot tax preparer to account for the specifics of your individual tax situation. 

When I'm preparing these letters/documents, I'm really learning as I go.

Even if it's the biggest unit, you need to move into that one to satisfy the mortgage if it's liveable and then figure out how to get the tenants out.Who was your agent on this because they have not prepared you for anything? 

They did also send me a 1099 at end of year, so be prepared to pay taxes on that money if they do it like that.  

This streamlined process can save time and reduce the likelihood of errors.QuickBooks is designed to simplify tax preparation and filing, allowing you to focus on running your business.

Key is talk with your tax preparer.  

Be prepared with solid financial projections to present to lenders.9.

However, you may be able to capitalize some of these costs, particularly if they relate to improvements or preparation of the property for rental.Expenses (after December 1, 2023):Any expenses incurred starting from when the property was available for rent (December 1, 2023) can be deducted.