The income from these loans makes up about 10% of the partnership's gross income for 2023 (but will likely be a larger percentage in future years). 

Keep in mind that for the first year the only income stream I have is about $1000 a month from disability.

if inherited can definitely do a refinance cashout construction loan with no waiting period based on the arv . no income no doc and welcomes first time investors . what are the numbers looking like ? 

The firm I worked with in the past charged me massive fees, largely because we were higher income and they didn't back it up with value.

Are you wanting an appreciation based market for wealth or cashflow to increase passive income? 

House hacking is one of the most popular strategies you can take and it can be a great way to build wealth and generate passive income but it's important to have a long-term plan in place.

Long time residents can't even afford median rent because incomes aren't high enough.

When you depreciate that portion of the asset, you reduce your basis, and ultimately increase your future tax liability in exchange for the write off in the current year.1) What is your short/long term plan with the property? 

However, it may be a smaller space with less luxuries (you could always take lower income and rent or airbnb out the ADU and live inside the main house).3.

General considerations include:Income Taxes- Report rental income, distinguishing between short-term and long-term rentals.- Utilize depreciation deductions to reduce taxable income.- Understand passive activity loss rules limiting deduction of losses from passive activities.Capital Gains Taxes- Be aware of tax implications when selling property, considering short-term and long-term rates.- Explore strategies like 1031 exchanges to defer capital gains taxes.Deductions and Expenses- Know eligible deductions: mortgage interest, property taxes, insurance, maintenance, and management fees.- Maintain detailed records of all real estate-related expenses.- Use cost segregation studies to expedite depreciation of your properties to offset large income gains.Entity Structure- Choose appropriate legal structure (LLC, partnership, or S corporation) with consideration for different tax implications.Tax Credits- Explore available credits, like energy-efficient or historic rehabilitation credits.Qualified Business Income (QBI) Deduction- Check eligibility for QBI deduction, providing up to a 20% deduction on qualified business income.Record Keeping- Keep accurate and organized records for tax compliance and audits.State and Local Taxes- Consider varying state and local tax implications, including property and income tax rates.Tax Planning- Engage in proactive tax planning, consulting with professionals for a comprehensive strategy.Tax Changes- Stay informed about changes in federal, state, and local tax laws affecting real estate investments.Remember to consult a real estate tax professional for personalized advice based on your specific situation.