You have 3 options on a deal essentially:-You can pay the agent commissions as an investor.

My net profit would be $30-$40k/year, that would go to the expenses essentially having me breaking even.

Not only that but we furnished the attached studio and put it on Airbnb and we have been bringing in about $1,500/month in revenue...essentially paying our mortgage and putting a few hundred dollars in our pocket.

Is an owner occupied loan essentially an fha loan?

You can essentially argue that the property was indeed held for over a year (under personal use), and was used in rental activity at the time of sale. 

It’s not hard to pay yourself through a single member LLC since it’s essentially pass through accounting but you want to make sure you do it in a way to avoid getting taxed twice on the $$Just make sure to keep track of it.

The LLC is essentially a "stop-gap" in regards to liability.

Or, do I essentially have a zero basis in the second house, and will report a larger gain when it is,(eventually),sold?    

My goal is to accumulate essentially 10 properties per person involved. 

After talking to multiple local banks in the area and enjoying the sounds of heads exploding when I went over the situation, we finally found someone who knows what the hell he’s talking about, hopefully.Our new lending guy told us we can essentially sell the property from our LLC to us, use a Home Style loan with no seasoning required since its a sale, not a refinance and pay off the hard money loan in the process.