I was not aware that a manual pull station is required, but I've confirmed with the fire department that in mixed-use buildings, a pull station is required that is hardwired to sound an alarm in the rental unit(s). 

Self directed IRA keep in mind you need to liquidate the assets at 72 and half years old to pay taxes on minimum required distributions. 3.

If so, most states require you honor those terms until it ends.

If the city is ok with STR's, I then check to see what permits are required for STR operation. 

Just make sure you have a rental agreement or lease in your name because you are required by FHA to have a housing expense in order to use the 75% of rents on an upcoming purchase. 

I invest using BRRRR and what I've seen lately as the biggest obstacle to that strategy, has been the initial hard money lenders, with the recent market changes this past year are doing lower ARV percentages ...example going from 80% ARV down to 65-70% ARV to mediate their risk, requiring more out of pocket initial money's. 

I lived in the home for the 12 months required when its your primary residence.

In the lease he is required to give a 30 day notice. to vacate the property.

Many of the “deals” we acquired required a lot of work to be market ready.

Your holding period is added together with your parents' holding period, so I'm sure you have already met the 1 year requirement.To take the deduction, it does require an appraisal and a tax form signed by the appraiser.I'm in Tuscaloosa, also.