@Miguel Del Real if you are just starting out, and maybe you’ve never bought your own personal resident, it is risky to not have somebody in your corner.

I also usually refer borrowers to my preferred insurance agent and any realtors I have worked with in their market.

Personally, I think it’s important to continue to stay creative and generate new ideas on all facets of the business as legal restrictions continue to present themselves.Have a good one!

I would personally screen my MTR tenants and have them sign a lease.

Personal assets/liabilities:Primary Residence: Have less than 20% equity in this, rest is owned by bank at high interest rate close to 7%.

The cash came from my own personal savings and my father who invested in this deal with me.

Thanks Linda Weygant have you personally done a cost seg on an SFR/STR before?

Furnishings, such as the $35,000 you spent on furnishings, would generally be considered personal property rather than real property and would not be included in the cost of the property.In a cost segregation study, the goal is to identify and classify the various components of a property as either real property (land and buildings) or personal property (furnishings, equipment, etc.).

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.

It is not an issue if you are adding more square feet for your personal preference, but I would not expect an ARV that is as high.