I am looking for guidance on how to handle the first income property as it relates to getting the loan and LLC formation.

Hi Matthew, Remember, navigating legal issues with tenants can be complex, so it's crucial to proceed cautiously and seek professional legal advice when necessary.

While the IRS allows this, it is a taxable issue.

If so, that will be an issue, unless there is a specific bank loan that keeps the note in their portfolio and is okay with the condo being non-warrantable.

On my 2021 return I didn't make take any deductions related to the property.

They are incredibly understaffed and will view this as a civil issue. 

However, as first-time and inexperienced homebuyers, we overlooked critical issues during the initial inspection.

Beacuse of the great aflux of the capital related to the Fort Liverty I am positive that this market will continue to grow and appreciate and I am positive that sooner you start investing in local market better you can do in the long term. 

As others have mentioned, if you can commit to using the property solely as an investment and won't occupy it yourself at any point in time, DSCR will allow you get around the DTI/employment/income issues.

My issue that I’m having trouble getting over is that down payment money is currently yielding 5.5% in an HYSA with no risk or stress.