Hey BP fam, I'm looking at buying a rental in Cleveland, Ohio. I have a property I'm looking at and am looking to see if someone can tell me a bit about the area. Also if you would like to share which area you've boug...

Purchase price: $264,000 Cash invested: $30,000 Used a conventional loan and "lived in" the property until "unforseen events" required me to move out.

This is what leads to the popularity of “live in flips” where you move in to the new property and spend 2 years fixing and upgrading the property before selling your primary home/flip tax free.

You don’t need to invest where you live.

That can really throw off property values.Just move on to a different lot if you can't live with these restrictions.

We live in Seattle, so somewhere on the West Coast would be ideal.

Reduces your living costs a ton.

For tax purposes, does anybody have an idea of what this would look like as I would be living in one unit, renting one-unit long term, and then short-term renting one unit to maximize cash flow and write offs against my W2. 

So I bought this house for me as personal residence & did live there the 1st year.

We are not allowed to do garage conversions but we have a 2nd living room.