In the past, RentingFamilyMember has filed Schedule E and apportioned expenses by rental percentage, including mortgage interest and real estate taxes between Schedule E and Schedule A.

Sellers motivation shouldn't factor in what you can afford, thats a bonus if they will negotiate, but your numbers have to make sense to you and work out for multiple exit strategies (str, ltr, sell etc)Running the purchase numbers is pretty straightforward, use almost any online mortgage calculator, make sure you know taxes and insurance (taxes will go up a bit if it is currently owner occupied and you don't plan to live in it) Once you know your mortgage amount then start looking at other STR's in the same area and same size/amenities and see what they are getting per night and how many nights a month they are rented to calculate what you MAY be able to get.

If I only manage my holding company - no active PM role - does that help avoid filing/registering in NY?

Since you have a good W2, why have the cash flow to report income and pay more taxes on?

I am thinking Austin TX might be a good place to start due to the state's tax incentives and the recent decline in prices.

This will be my first rental property so want some advice.Purchase price - $195KDown payment - $59,176 (25% plus other closing)Annual rental income - $29,424 ($2,452 a month for 4BR)CoC return 10.7%Cap rate - 9.7%; Price to rent ratio - 6.6Cash flow will be over $5k per year after paying taxes and mortgage.

Avoid the cash offer stuff, and saying quick closing in letters, use emotion, people really do respond well to it.

If you are asking a question like this you should really partner with an experienced wholesaler so that you can avoid lawsuits and problems for yourself, as well as for the seller, buyer, et al.

Avoid Anything to do with Growth Equity Group or SDIRA Wealth as if your life savings depends on it. 

Topic no. 409 covers general capital gain and loss information.The rest will be taxed, so a big chunk of that money will go to your uncle who happens to be a partner of yours.