Section 469(c)(7) provides an exception that allows qualifying taxpayers to treat rental real estate activities as nonpassive, enabling them to deduct losses against other types of income.

You may qualify and make it your primary for two years before moving to the next. 

Only do turnkey if you have your OWN well qualified inspector who can point out any hacks or deferred maintenance issues.Many turnkey providors are notorious for this.

First of all I put my acceptance criteria clearly in the ad: minimum credit score (enter X amount, 620 is what I use),income 2-3x rent, good rental history, references, no evictions, acceptance dependent upon background check and employment verification, pet policy, desired lease term, etc. so that people will hopefully read that and not come to the open house if they know they won’t qualify.

@Bruce Schussler   I am always suggest my borrowers stop at 60% loan to value when utilizing this strategy.  60% is the loan to value where the loan would qualify for the best possible rate.

A 1031 exchange is a great way to indefinitely defer the tax and use it to grow your RE portfolio, and build long term wealth.The most important factor in a 1031 exchange is that your qualified intermediary must be in place prior to the closing of the sale of your old property.

Even if you can raise $10mm, but have a small net worth and liquid cash, you won't qualify with the best deal. 

If you have lived in the property for two out of the previous five years you could qualify for the 121 exclusion, where you get the first $250k ($500k if married) of the gain tax free.

That does not qualify as "managing repairs."

It's also worked pretty well if doing STR since you can just qualify with AirDNA projected income, even if you have no STR experience.