Two I often see discussed in these forums is 1% rule and the BRRRR method where 100% recoup of down payment funds and closing costs are the end goal and if one or both of these boxes aren’t checked the property is not considered.

I reviewed Form 8824 and after much research I generally feel comfortable completing the form as well as how to depreciate the carryover basis and additional (or excess) basis using either of the two allowable methods (general and simplified methods).  

I want to invest in real estate by using the BRRRR method.

Lindsey, you’re right there is a lot involved with house hacking out of state and I’ll be circling back to that particular method in the near future.

@Philip Muka have you explored/researched the "asset island" method? 

Better than Airdna use the Enemy Method. 

PM me your preferred method of contact!

It is fairly basic compared to other changes in accounting method.

Or is there a more efficient method to do this?

looking for suggestions on best methods/websites for marketing a long term rental.