We should be able to rent each side for $1800, but looking at living there for a year before we find a long term primary residence.

I was going to continue living with my parents until the renovations were completed.I hired contractor 4, put a lock box on the property and starting purchasing materials and placing them in the garage for the contractor to get started.

My hope with house hacking was always that I would be able to buy a multi-family property, live in it for a few years, and then move to my own home while hanging on to and renting the multi-family.

The Pro-Rata Rule is used to determine the ratio that should be applied in determining how much of the conversion is pre-tax vs after tax.

Something besides primary living space for human beings?

Lived in Houston and Dallas.  

The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.As a reminder, bonus depreciation will start to phase out in 2023.

If the conversion of use doesn’t trigger any depreciation recapture or other negatives, then I could theoretically: buy a home, rent it as an STR for one year, claim all my bonus depreciation to offset W2 income, and then covert it to an LTR year 2.

I did not rule out living in a flip - I am actually looking more into a 203K loan.

Hi Bigger pockets community, my name is Jerry Velez and I currently live in Suffolk county, New York and just like a lot of people on here, I was terrified to make my first post on here!