Hello Friends,I'm hoping for some tax related advice. We are about to close on a SFH that we are buying for cash and we were planning on deeding the property to an LLC for liability reasons.However, my wife is a full ...

Here are the restrictions with FHA;The maximum mortgage amount for 3-4 unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status.

Generally about $500 a week, every week until they return to pay status. 

They don't like the status quo either.  

The difference in tax implications with just one year of productive use to reach cap gain status vs ordinary income will blow your mind. 

CIVIL PRACTICE & REMEDIES CODE §16.035: Contractual liens created by restrictions and condominium declarations to secure HOA/POA assessments become barred 4 years after due date.However, as a practical matter, do not rely on limitations as eliminating an unreleased HOA/POA lien notice unless a resale certificate or other fee-status report from or on behalf of the Association shows the assessment as no longer collectible.Mental Health and Mental Retardation Liens (MHMR)TEX.

But I would like to continue to enjoy owner occupied tax status so to do that I understand I am supposed to somehow attach the buildings and instead of this being an address on ABC Street it should then become 98 Lake St. rear unit.

I am a real estate professional (claimed status in 2020) and my wife is a high income earner.

We use a CPA who handles a lot of businesses including real estate agents, and before using this company we had S Corp status (LLC treated as S Corp for tax purposes) and did our taxes through another company, no problem.The issue with the legal case mentioned above appears to be that the person involved, who had an LLC treated as an S Corp, signed a contract to provide services with a client and the contract was just between himself (the person) and his client.

I guess I won't really know the status of the foundation until I get my own foundation inspection performed on the house.