This is so that you can make sure your isn't the right basis number (purchase price + costing costs - loan costs + improvements rather than just using purchase price).I'd recon most CPAs who specialize in real estate or businesses will be able to correctly treat the STR income and deal with a cost seg.

So I collected information about the real estate market in the USA and looked for houses to buy with the help of loans and rent them out.

If the property is being sold for 400k (and I can afford the 20% down) but another 800k min needed for a complete renovation (my personal rough estimate), can I take out a traditional business loan to cover the rest, if I were to purchase in my LLC?

No loans were involved, so I had no more cash at that time, and "the cart was still there" - that is, the house required a GIGANTIC investment (and they exceeded the planned).

I'm new to BiggerPockets and was wondering if I have a 7-month gap in my work history, can I still be approved for a loan?

Record $1.1 trillion in credit card debtthe total mortgage debt is more than double the 2006 peak and total credit card debt is up 50% since 2020.Also delinquency rates on credit cards and auto loans just hit their highest since 2008.

Sometime this year, my wife and I plan to get a primary residence using an FHA loan.

So, about the back-to-back loan thing, the interest part could be taxable income to you, but you might be able to avoid it if you structure things right. 

With commercial DSCR loans that have prepayment penalties, (could be similar with other products as well) if you make a principal payment before the pre payment penalty expires, it will trigger the fee.

You obtain the best loans from small local credit unions and banks aka portfolio lenders that hold the notes in house.