Since Florida has no income taxes...

You are better off budgeting money for maintenance and capital expenses and keeping a reserve in case issues arise faster than your budgeted money gets socked away from incoming rents.

Of course we love our income tax break in Washington and lean towards remaining in our primary residency to benefit from it but the constant driving back and forth is challenging.

approx 50% depreciation on income, tax return income amount 70k. is that based on leverage?

That is taxable in the year you sell the property. 

At FlipSystem, most of our students start off by falling between those two categories: they want to be more than passive investors, but they do not have the knowledge or skillset to rely solely on real estate investing as their only source of income.

AIRDNA: As is (1bed/1 bath): Projected Revenue $50k/year, Net Operating Income $24k/yearPost rehab/rebuild (3 bed/2 bath): Projected Revenue $120k/year, Net Operating Income $76k/yearZillow Rent Estimate:As is (1 bed/1 bath): $2,900/monthProjected rent based on comps in area: $6,500/month We would also more than likely include an ADU in the new build.

Hi All,I currently have a W2 income and bought a STR.

I don't think taking cash out in refinance raises your cost basis to calculate your taxable gains at sale unless you used the cash-out refi for an addition to the house. 

Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.ALWAYS get an increase or something of value annually or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.