What would be the best method of a loan in order to secure the down payment for the new home?

Either way, the fire has been lit and we are actively getting involved in the REI world and meeting other investors and are ready to just get in the game.

I am not planning to buy a 100 homes a year, just to methodically buy (cash) and sell houses using equity and my savings.     

@Peter Moser @James Myers Have either of you tried this method?

This trade or business requirement can be particularly difficult for rental properties to meet and is usually based on the extent of the taxpayer's involvement in the rental activity.

If these deals were single families I would do a reno in a heart beat because the "BRRRR" method works well with the equity game.

@Maxton JohnsonIt really depends on what real estate activity you are trying to be involved in.It also depends on what your goals are.It is true that for a NY LLC to be established that it needs to have its information placed in 2 ads for 6 weeks.

I purchased a 4-family last year using this method and would do it again in a heartbeat.Student rentals can be lucrative because they rent by the bedroom, but are hard to come by.

Selling a big property here and a mistake can cost us over 1 million dollars.There are partners involved and LLC’s and trusts so we do need someone knowledgeable.We don’t know too many people in Florida so if someone knows very well the tax laws/IRS regulations, Please leave your phone no/email and I will gladly contact you so we can discuss details.

@Jo Zhou this is unfortunate for all involved.