Evaluate your savings, income, and outgoings; moreover, educate yourself about mortgage alternatives and programs that help with a down payment.

For the purposes of calculating the limited interest deduction, the total mortgage debt owed would include both the individual mortgage on Unit A and the owner's share of the underlying mortgage.So, the total mortgage debt owed would be $800,000 (individual mortgage) + $200,000 (owner's share of underlying mortgage) = $1,000,000.Therefore, the owner would be limited to deducting mortgage interest based on this total mortgage debt of $1,000,000, not just the individual mortgage.Thus, the deduction for mortgage interest would be calculated as:($750,000 / $1,000,000) * $40,000 = $30,000Therefore, in this scenario, the owner would be able to deduct $30,000 of mortgage interest for federal income tax purposes.

In 2023, I started a part-time remodeling service business to supplement the income in my consulting practice.

If you're not careful, you can have your entire gain converted into non-exchangeable ordinary income. 

There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

The goal has been to get to a passive income place where you stop paying interest have cash flow from the rent money coming in.

Digitize physical receipts for easy storage.Additionally, youcan track income and expenses consistently, using software or spreadsheets.I use QuickBooks Online for most of my clients.

Property has a nice view in a middle income suburban area.

Most of my SFR are excellent tenants with solid income and nice neighborhoods. 

Why not just do the renovations yourself, and enjoy these losses generated?