If both of you are working full-time, you will not get REP status, and not in any way the way you have it planned.

The original plan was to live in one unit (as requird by the loan terms) for one year and rent out the other, then move & rent both units after the 1 year requirement (currently living with relatives).

All has been going as planned until today.

Value was added through unit rehab and amenities, with more improvements planned.

@Candi Kham,I recommend finding an accountant that specializes in real estate taxation and financial planning.

Hi, Couple of questions:1) Do you plan to refinance in the future?

But since I am now an agent in the wholesale space, I plan to focus on local investing :) Hoping to do my first flip later this year. 

I am now planning to do wholesaling with any leads that I get that I cannot buy myself. 

Before you buy know where you can get the roof materials in Texas and truck it there as a plan, and pay contractors from out of state.Did you get an insurance quote?

I plan to retire from FSU as a mechanical engineer/machinist in about 6 years and want to research a potential  entrepreneurship in short term vacation rental properties.