Just looking for guidance on first steps i should take based on my current financial situation.Currently i have, 50K invested in the stock market that i don't mind putting towards renovation of property7.5k in a High Yields Savingsand a growing 401k (just graduated college and got my first job and putting 10%)I make 94k pretax per year800+ Credit Scoreand have 0 debt.I plan on financing using the VA Home Loan as i am a veteran and due to my disability of 70% i receive massive perks in the Illinois when buying property. 

I might even reach out to the CA Dept of Real Estate and seek guidance.

Appreciate your guidance.

I don't know if there are any specific requirements relating to Veterans affairs and being a landlord, but once you have your property ready for rent, you could contact the VA and ask them for guidance on listing your property.  

I'll need legal guidance to make sure whatever we do is legit (and to write a contract), but for starters, I'm looking to you for clever solutions.Note: If you're not well acquainted with SDIRAs, don't bother to make suggestions.

My partner and I found a pre-foreclosure seller, who owes $133K on the property ($95K on mortgage, $25K on interest and the rest on fees).  They need to pay off the loan by 8/22 or start accruing a $7.50 per diem ther...

I understand that being a first timer, I will most likely need to have some "skin in the game", I get it and am perfectly fine with that, so just lowering my initial cash output as much as possible would be a great start.I know I can do this, I just feel I need a little guidance with the process and I figure, what better place to find that guidance than right here.  

"(5)Limitation on deductions In the case of a use described in paragraph (1), (2), or (4), and in the case of a use described in paragraph (3) where the dwelling unit is used by the taxpayer during the taxable year as a residence, the deductions allowed under this chapter for the taxable year by reason of being attributed to such use shall not exceed the excess of—(A)the gross income derived from such use for the taxable year, over" - Found itThank you for the advice, and referencing the relevant IRC sections.There isn't a lot of guidance, and I was using the guidance given from the biggerpockets blog to calculate those expense ratios - so seems to me there isn't great consensus or just a lack of knowledge on this issue in general.Blog link: https://www.biggerpockets.com/blog/2016-02-21-tax-implications-house-hacking"If you have a single family home, you can either divide the room you occupy by the total number of rooms (rooms include beds, baths, kitchen, living room, dining room, etc.) or the square footage you occupy by the total square footage.You will now have a percentage of the home that you occupy and a percentage of the home that you rent." 

Just looking to get some guidance as I attempt to navigate my first deal.

We did not buy that home and we appreciate your guidance.