Well, tax wise, a flip is a flip.....doesn’t matter if it’s your first or your fiftieth.....it gets taxed the same.  

@Jay Hinrichs I've heard good things about Park Circle and the North Charleston area would actually be more convenient for me location wise for work but I was concerned about the quality of schools not attracting families to that area and that eventually limiting my potential renters...

It is a triplex where we will be house hacking and living in one of the units.My question is, would it be wise to open a separate bank account and run everything property related through that account or, do we use our personal account for everything?

And as others mentioned, make sure the deal makes sense numbers wise. 

@James Wise yes in a text message

@Dametrius Clark My house hack was in Cleveland Heights and it worked out fantastically, some of my friends also house hack in Cleveland Hts but I would totally do Lakewood too, it just didnt work distance wise to my job.

Wise. 

This assumes you can personally qualify credit-wise but using the proven rents as income.

Canada even though we look at it as an extension of the US its is not its a foreign country.. so what anyone in the US thinks or says is not germane other than logic.I know when I had my place in BC if I was gone more than a week INsruance mandated that I have a service come by the house throughout the winter to make sure no pipes burst etc.. other wise they wont honor the insurance.. 

@James Wise, Thank you for your reply.