As a seller I love the idea of getting a non-refundable deposit, as a buyer it scares me. 

Always a good idea to get a couple quotes. 

Hey everyone, I live in Austin and am exploring the idea of doing a house hack + STR combo.

He wanted the cash pop to help with his new business but liked the idea of monthly cash on the backend.How did you finance this deal?

You want to properly document your basis in the rental property which would include providing the closing statement along with costs incurred prior to purchase such as travel, home inspection and appraisal costs.3.) as an out of state investor, how exactly does filing for taxes work when I reside in California but a landlord in Indiana?

There's generational wealth transfer and tax considerations as well to consider as these types of transactions can by synergistic if done properly.

The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money.

@Erelyn Apolinar - A DOD Skill bridge to RE is an awesome idea! 

Properly executed, an investment in these types of property can garner substantial passive losses, often equal to the amount of capital invested, or more, even in years where the benefit begins to sunset.A few words of caution: Be careful not to let the "tax tail" wag the dog.

How have you all handled this to set proper expectations with your guests?