Here is my situation:I've owned and lived in my house as my primary residence for 3 years.Up until the last year, I have rented out spare bedrooms (space within the living area).I got married about a year ago and my spouse has now been living in the house as her primary residence for 12 months.Question 1: IRS publication 523 states in the section under Business or Rental Use of Home, "If the space you used for business of rental purposes was within the living area of the home, then your usage doesn't affect your gain or loss calculations.

I've also learned A TON from Anderson Business Advisors.

Whether it's for business trips or family vacations, our rentals are designed to provide unparalleled comfort, luxury, and convenience.

I started in 1999 working with a Broker/Developer and it was the greatest experience to learn the business side of Real Estate and development.

I'd recommend speaking with local investor-friendly agents who can weigh in on YOY property value growth and rental increases for all projections.Lastly, if you are going down the STR route, choose a property/area that will still allow cash flow if the property was used as an LTR.

@Jake Salisbury  The Chase INK business cards are good, there a few different ones. 

🤷‍♂️Love this post and what Scotty posted.Congrats on your success thus far.As much as I love real estate and business it never is passive and never will be totally passive unfortunately.There is always a risk component involved and a reliance on someone.There will always be that gut wrenching phone call that makes the stomach turn.It all come's down to how much is enough for someone to live a happy life.I unofficially retired at 28 and am back chasing now at 36.Parents and family are getting older and have a huge will and in a way pressure to retire my old man.A beautiful person and father.I've checked off mum and uncle from the list hahaFew more to go lolI am and always will be a "real estate guy" per se but a few years ago I asked myself this question:"How can I get the highest possible return, with the least amount of risk, without doing any work and without involving anyone else?"

Just finished my major in Business Management and am receiving my Management and Supervision certificate this summer.I've been studying real estate for a few years now, have watched tons of videos, calculated and ran numbers on numerous properties and listings, and talked with many lenders and real estate agents, but because I don't have anyone in my circle that's well-experienced in REI's I've hesitated to pull the trigger on anything.I'm looking to fix and flip, BRRR, LTR, MTR, STR, or multi-family.

Keep in mind that a valid 1031 exchange relies on business to business "mindset."

I recently formed my LLC and I'm in the process of setting up my business checking account.