Sometimes when people hear the kind of interest I pay they will get so excited about loaning me money that they want to hand me a big check right on the spot.

From my understanding, if its passive income, just a room-by-room rental, it would go on your schedule E just like any other rental. if its active, like a short term rental situation or mid-term, something like an airbnb or bed and breakfast where you're actively including extras, it would be filed on a schedule C. disclaimer, im not a tax person, so double check this with your tax pro. when you go to qualify for your next purchase, whether that's for primary or inv., using a full-doc loan... if its schedule C, you would need to do a 2 year average of this income in order to use it. its looked at as a business, and self employment income. if its schedule E, theoretically you could use the schedule E income calculations just like any other rental even after the first filing.

Forced “partnerships” just have a very high probability of failure.The first thing I’d do is check out the buyers personal financial statement.  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $300,000

Cash invested: $39,000

This is my first investment property!

What made you interested in invest...

@Bob Malecki I'll check FCI out, thanks for the tip.

I have been told to use Baselane so that they can ACH transfer for free, and that baselane also gives me 4.5% APR for my money saved there (i.e. security deposits, etc.)However, I don't like Baselane's withdrawal limits, and also how long it would take for baselane to transfer money to my primary checking accounts, at JP Morgan.

Question is, is this standard?

During the winter there's a lot of demand for STRs, especially near the entrance to Loon.As an example, check out 21 Franklin St in Lincoln.

Check references (title company, other private lenders, ask for details on past projects)2.

I have checked rental comps on the BP calculator and have found that homes in this area with these stats can rent for around $1100, but this is nowhere close to the required mortgage payment (Realistically I think I could have 2 tenants paying at least $1000 per month each, though this calculator has me thinking otherwise).