Seek a tax professional for more detailed information.  

Go out there, find your "diamond in the rough" and start creating your generational wealth! 

After thinking on it a bit more, I am going to look into the feasibility of a rent by room strategy to increase the cash flow and speak with some lenders to learn more details about what I'd need to provide to be able to consider these rents in my DTI calculation when I am qualifying for the next mortgage.

Private Lending Attorney Here-First it depends if the person lending the money will be doing this on an ongoing basis - if so he may want to have a separate entity created for that business.As far as documenting the loan - I would recommend speaking with an attorney who regularly handles these transactions. 

Knowing the lease details and tenant situation is crucial for planning your move and managing the property effectively.Overall, your plan seems like a solid approach to kickstart your real estate investment journey.

I have known people who 1031 for 30 years and then get jammed up because they have created a tax burden. 

Here's a simplified and effective approach: Gather Information: Obtain details about the property, including its purchase price, estimated rental income, expenses (such as property taxes, insurance, maintenance costs, and property management fees), vacancy rate, and any financing terms (e.g., interest rate, down payment, loan term).Calculate Gross Rental Income: Determine the total potential rental income the property could generate annually.

Hi guys, we are creating a FREE meetup webinar around the topic of Short Term Rental in Texas.

Be as detailed and specific as possible when mentioning your future plans, current operation/experience level, ongoing projects, etc.

@PJ McLaughlinWell I know the BASICS of what HUD is responsible for - Large reason I trusted the section 8 applicant - It was created by BIGGERPOCKETS plus member, maybe he wasn’t fully educated