It is a 1/1 they call a 2/1 because they call the mudroom/porch a br - it does have a closet.  

In all but one of my syndications, the K-1 indicated either ordinary income or net rental income which would mean the accel dep offset my ordinary income. 

If there is an out of the ordinary issue or larger than normal expense then the property manager contacts us for approval, but other than that they know our expectations and manage the property accordingly.

It’s taxed as ordinary income, plus ss/med self employment tax....not eligible for a 1031 or cap gains. 

If you rent out the other rooms on a full-time basis, then it becomes a rental property... or a 2nd house in which you are house-hacking.Your CPA is referring to the passive loss limitations on deducting rental property losses against your ordinary or W-2 income.

Even that won't matter on this post  but it will lead to folliw questions during the interview.However, fix and flip income is generally ordinary income; and when you buy and hold depending on how long you held it for the income is generally capital gains.Much success.Bob

., capital gains are counted as ordinary income 😭) that you could broaden the field significantly if you'd be willing to consider them and forego face-to-face sit-downs, but that's up to you of course.Looking online for the continuing education track, it looks like the acronym is CPE (continuing professional education) and the "Rhode Island Board of Accountancy accepts courses from providers that are members of NASBA's National Registry of CPE Sponsors and the Quality Assurance Service".

Not sure how it will work out  We have a mgt corp for our portfolio, but paying ourselves mgmt fees just turns passive income into ordinary and brings on SE taxes.   

If you sell immediately it is a short term capital gain and treated as ordinary income.

The repairs should be for anything that was damaged "beyond ordinary wear-and-tear" of an ordinary occupant.