The wife did his tax return in 2018 Gross $120k.

Also, you don't want to lose the tax free gain on sale. 

Highly pressured sales tactics at there 3 day events they do all over the US to get you wrapped into their high dollar coaching programs. Then when you don't have the money for them they coerce you into getting credit...

For primary residences, lenders typically don't require PITI (Principal, Interest, Taxes, and Insurance) reserves beyond the down payment and closing costs.

However, you could still have - cashflow on paper, but still break even or potentially have + cashflow on your taxes.

Since we have zero income, I'm not inclined to pay a CPA several hundred dollars to do our taxes, so I'm trying to do it myself. 

This tax provision allows homeowners to rent out their space for up to 14 days per year without reporting the income or paying taxes on it!

Thanks, Tax.

LP is 280,000, ARV is 425,000ish and renovation is about 75 ~ 80 grands (+20 grands for closing cost, first year taxes, reserve etc).

Yes, there will be limitations of a TN financial institution as I live in CA, and I have read articles about potential tax and filling season issues if you bank outside the state where the business is registered.