We are planning to turn our primary residence into an STR at the end of this year and are looking to take advantage of accelerated depreciation if we can meet the REPS requirements.

They know that most landlords won't file a claim, or their claim will be denied because the landlord didn't meet the requirements outlined in the fine print.

A DSCR loan will usually require a 1.2 debt service ratio, so with that you should be break even or better.

The plan is to complete the 2nd property in PA, stabilize our finances and portfolio, pay down the HELOC, and build our cash balances back up.The timeline and time frame to reach my goals has changed a bit over the first year.

However, you shouldn't require a 20 foot setback for a pergola or a shed, so I wouldn't think the variance should be necessary for those items.

I feel Ike they pivoted quite a bit in the last few years since city and subsequent county license requirements spurred an STR plateau and the motivations are a bit deeper and multi-purposed now.Take parallel economies, such as Uber/Lyft, the ONLY two TNC license holders in the state and each year pay an excise tax of a few hundred thousand a piece, if not more (just for the permit, not including the whats taken from drivers).

I'm eager to make informed decisions and ensure all legal and regulatory requirements are met before proceeding.

Also they have the ability to stall said permit until they put up landscape bonds which is the only thing the city is requiring now. 

all rental dwelling units built before 1978 are required to be inspected pursuant to NJ Lead-Based Paint Inspection Law, NJSA 52:27D-437.16 must be inspected for lead based paint by July 22, 2024, or upon tenant turnover, whichever is earlier..."

Plus, like a foreclosure, DILs get reported on her credit report, though I understand they get treated less severely.The basic requirement of a DIL is that it has to be 100% completely voluntary.