Assuming  this revenue ruling still stands, it mirrors the SC situation nicely, meaning it would support your acquisition date of the real property not starting until you have taken possession.I think this would be highly dependent on the terms of the local jurisdiction as well, so what might be correct in one jurisdiction, could be completely wrong in another depending on the rights acquired related to the property.But happy to be pointed where I am wrong!

Real Estate investing is a long journey not a "get rich quick  phenomenon. 

So, long story short.

Long and short, if you were to buy a primary residence at $500,000 you would have to put down 6%.".What are your thoughts at the moment?

Rentals are the best for building long term wealth building.

You might make a few mistakes a long the way but that's okay!

@Tricia O'Brien yes I would recommend them and they currently manage two of my SFH properties (long distance investing).

This wasn’t our first go with short term rentals.

I would also explore the different rental strategies- long-term, medium-term, short-term, or rent-by-the-room.

As long as it's reported on your latest tax return then we can evaluate it for income.