@Eric Lowder since you didn't place the "property in service" (e.g. make it ready and available to rent) until Jan 2024 you'll report the income and expenses on Schedule E in the 2024 tax year.In rare cases, that short-term rental income will be reported on Schedule C, but this is only if the rental offers "substantial service" that includes things like concierge services or a butler. ...

What I would encourage you to do is to compare how much cash you currently have invested out of pocket in the deal and also calculate what the cash flow is for that property.Cash flow is the income (rent) minus all expenses: mortgage payment (including principal, interest, taxes and insurance), average maintenance costs, capital expenses (new roof, hvac, water heater.

Particularly be sure to include your goals for real estate investing so that folks can help you. 2) Follow your favorite forum topics and set up keyword alerts!

My issue is, he wants the payment to be reduced roughly 50% to reflect the lower principal amount. 

We agree that it absolutely depends on your design intent, including the number of stories and square footage, hillside vs flat and overall level of custom detail desired.

This alerts us to any changes, including cancellation, to the policy.

After this year's tax bill I need to do something different to reduce my tax liability.

So this includes, roofers, drywall, landscapers, flooring, etc.In your case, especially since you are flipping, you should ask for proof of insurance before starging a job. 

According to the tax courts, which have 100s of tax court cases on REPS, Spending 40 hours per week for an employer would NOT work regardless of w2 or 1099. if you could find a way to reduce hours down to part time, it may work. 

A mortgage on that home would be roughly $2636 (including taxes and insurance).