One of the main house bedrooms had its own entrance/exit and was previously used to as a single room Airbnb (unit E).

Meetup with The Essex County Real Estate HUB http://meetu.ps/e/GYTxc/jlBQd/d

Schedule E shows $52k in losses for 6 properties.

It’s a basic fundamental that doesn’t change.

Here's the backgroundIn 2017 bought a rundown house with the intention to fix then maybe flip or rent depends. ( Filed the property on schedule E, treated the same as other rentals), However had a lot of issues with contractor, long story short, Sold the house in 2018 ( Less than a year) at a loss just to get rid of the headache.

@Lynnette E.

Most CPAs don't do that,They don't for a good reason: it is fundamentally wrong.

I figure maybe between $8K to $10K a month when all is said and done.My PM teams have really been a blessing as they vet tenants with great benchmarks to find the best, as well as property inspections, and keeping me informed.I just got an e-mail the other day from my PM in Alabama telling me that they went to our property for its inspection and found it in great shape and commented that this tenant takes really special care of the house and the tenant told the PM while he was there that they would love to stay there for many more years (they will be resigning for their 4th straight lease.) 

Having bought at $370k, you probably have $80k or soo depreciation claimed over 8 years.....that gets taxed at your ordinary income  tax rate, Max rate of 25%.But, NO you can not Directly exchange this rental for an owner occupied property.....but you could exchange for an investment property, that Later becomes your primary, in maybe a coup,e of years.

If you ever find yourself in the E TN area I'd love to buy you Lunch.