From my understanding, if its passive income, just a room-by-room rental, it would go on your schedule E just like any other rental. if its active, like a short term rental situation or mid-term, something like an airbnb or bed and breakfast where you're actively including extras, it would be filed on a schedule C. disclaimer, im not a tax person, so double check this with your tax pro. when you go to qualify for your next purchase, whether that's for primary or inv., using a full-doc loan... if its schedule C, you would need to do a 2 year average of this income in order to use it. its looked at as a business, and self employment income. if its schedule E, theoretically you could use the schedule E income calculations just like any other rental even after the first filing.

Can someone please recommend me a good insurance company that covers lost rental income preferably in Florida.I would really like to know how you guys survived the Pandemic since there were Lockdowns and many people lost their Jobs and thus could not pay rent.I know many well established companies that did not survive it.There are speculations that we could go back to those dark days, and it could lead to loss of rental income.

Hi All,I've been looking at purchasing a property to use as a short term rental in and around Madison, Lodi, Spring Green, and the driftless region to the west.

Unless you provide substantial service (more hotel/motel like), the short term rental should be reported on Schedule E. 

Make sure you’re not just adapting; you’re leading the charge into a bold new future!

I have some leads but I don't know where to send them! 

However, my math leaves me a bit short in terms of $$$... $375k * 0.75% (max LTV) =  $281k - $218k (current mortgage) - $15k closing costs (est 4%) = $48k.

I can't speak to a short term rental in these areas but I do have a few specific areas worth mentioning.New England is a popular destination for skiing.

We are a HML, owner of a few short term rentals in Pittsburgh and may be able to help.   

One property is a condo (in CA) that I rent out, and the other property is a house (in NV) that I live in and rent out the other rooms.I quit my W2 job last year to start a business, which is slightly profitable today, but I reinvest everything back into the business.I have a bunch of cash saved up and am comfortable deploying $100K into another property in Las Vegas ($80K down payment + $10K furnishing + $10K margin).The only problem is that I’m not sure how to finance my next house without W2 income.I talked to a few lenders about DSCR loans, and most say they calculate rental income based on the entire house, instead of by the room.I would love to get the creative knowledge of the BP community on how to fund my next home 🙏🏼I'm also open to any lender referrals 😊Kayla,You could utilize a DSCR loan with a lender that utilizes market rents or potential Short Term income as a possibility.