This does *NOT* include debt service.A lot of times here on BP, we talk about "the 50% rule," which is basically just shorthand for assuming all expenses will come in around 50% of gross rents.

You will however, want to be sure the property is kept as a rental for at least a full year before you move in(this is based upon intent, there has not been a specific ruling as to a required time frame.

I initially looked into the LV market for a rental that would pass the 2% rule.

I have read the bills and anyone that is devising schemes to skirt the rules is doing so at extreme risk IMO.

Under certain situations ("special circumstances") you can get around the 1-year rule, but you must have had the intention of living there for 1-year when the property was purchased.Unless it's clear that you have a special circumstance where you have to move after 90 days, I would recommend speaking with a good real estate attorney before deciding to sell.All that said, when you sell, the proceeds from the sale are generally used to pay off the loan -- if the sale proceeds don't cover the full loan amount, you'll need to provide the difference out-of-pocket.

-Steven the Tax GuyYour guide to IRS laws rules and regulations.

Thanks for the welcome Rusty and Jon.Did that other guy delete his post, I was hoping to get his name written down.Since I'm new to this site, can anyone commenting here tell me how we can communicate privately since it sounds like there are "rules" here.

You will also have to see if there are any binding deed restrictions, HOA rules, municipal codes, or state regulations.

I was curious if anyone has completed a conventional mortgage under the "delayed financing" rule that came out last year, and if so, with what bank or lender?

Electrical is easy... just stop short of wiring into the circuit box and there's no juice to electrocute yourself with... that said, you probably don't know all the compliance rules to pass inspection anyhow...Generally there's several outs... either through financing or inspection.