House hacking will also give you some personal "property management" experience.

DTIs do not apply, not tax return / personal income eval

Current CPA says you can form an LLC and take any losses as a K1 loss on your personal taxes. 

Personally, I'd like to see the return of more streamlined processes with the lenders (at least more so than they are now!). 

For materials and/or services for any of my investment properties where the contractor/person does not give me a receipt, I do one of two things:1).

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

With the rental being part of your primary residence, a majority of those activities such as lawncare and maintenance would just count as personal activities anyway.

Hi Sohail, I've got a great commercial lender that I have used personally and my clients have used for various commercial deals.

Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.

I've done both personally.