With the right resources and help, you can still make it happen.There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect.

So, that makes a BIG difference in How you scale and what your personal “upper limits” are.  

Here is what the IRS says on the subject: Election for Husband and Wife Unincorporated Businesses A business owned and operated by the spouses through a limited liability company does not qualify for the election Only businesses that are owned and operated by spouses as co-owners (and not in the name of a state law entity) qualify for the election.

Once you have the place under contract you are time limited.

It is not a set it and forget it thing though, you'll still need to be active and review monthly statements and manage things to make sure everything is running smoothly. 

The banks and the towns work together to set the rates.Just got back from Malta and Italy for Xmas and new years.  

This step by step process is all laid out in Scott Trench's book "Set for Life".

. $220,000 is definitely a lower purchase price amount and really limits you on what you can buy.

A revocable trust offers excellent estate planning benefits but provides limited liability protection and no tax advantages, while irrevocable trusts provide stronger protection but less flexibility.

For added liability protection, consider setting up an LLC for the rental, though this may have limited impact if the mortgage is in your name.This post does not create a CPA-Client relationship.