Good luck, feel free to reach out if you have any specific questions on investing in WNY.  

My fiancée and I recently made our first post here and after gaining some great advice we have refined our goals and our now looking for more specific guidance. 

Hi Linda,Lots of great advice from @Carla Gordon @Brian Schroeder @Jay Thomas Specifically I think it's always smart to check out FF Traveler sear https://www.furnishedfinder.com/housing/New-York/New-York) and Airbnb/VRBO for 30+ days stays to gauge what sort of similar properties are currently out there!

If this trend continues you will see property values degrade eventually.I am not saying it is a sure thing, but I like to look at population trends in the specific areas I invest in to help determine whether to buy there.

Are you planning on deducting this expense?

The amount we are claiming is the amount paid plus the deductible as noted above.

Check statistical data on the specific city/neighborhood - FRED and other city/government websites publish the number of people coming into the city, population density and local news can tell what businesses are coming inHope this helps.

All these deductions are reflected on your K1. 

If my STR property qualifies for the STR loophole then can my long term rental property deductions then be brought over to offset my active income like being a real estate professional? 

Without knowing the specifics of (1) your personal situation and (2) the particular property market conditions for the property market your property is located in and (3) the condition of your house, etc. it’s impossible for anyone to provide meaningful advice concerning whether or not to entertain this offer.Many states have standard contracts and procedures which have all but eliminated the need for an attorney when the sale of real property is done utilizing the “usual” methods of financing and ownership transfer.