Depending where you live, cash flow is not king.

Hi guys I have a tax question even though its not real estate related i'm sure someone knows the answers i'm looking for.

It really depends if you can get a great deal on the purchase price, and yes adding value seems to be the smartest play. 

There are a couple options at this price point and again, depending on your credit, you may be able to go up in price/put more money down, etc. https://www.zillow.com/saint-petersburg-fl/duplex/?

I would venture to say that 95% of properties listed today on the market will not cash-flow at a 7-8% investment interest rate once you factor in principle, interest, taxes, insurance, and a maintenance / capex reserve.  

But depending on when you bought your house and your mortgage rate, it might be possible to convert it into an STR with enough cash flow to more than cover the cost of renting another dwelling as your new primary residence. 

Still analyzing every day but having trouble finding deals that cash flow after rehab, especially with the property taxes.

Now If we rent our upstairs as a long term unit (for less vacancy), we estimate to be able to cash flow around $800-1000 depending on vacancy. 

Are the LLC's multi-member LLC's - If they are, they would be required to filed a separate partnership tax return.Your profile mentions that you are a real estate agent, you may want to see if you are eligible to claim real estate professional status.

@Joshua Tobin  to funny I could not do that stuff if my life depended on it did not understand a thing you said..