I will not be using an LLC and so will pay landlord insurance and be able to make deductions directly from my personal income.

I'm looking at a mixed-use property (cafe on bottom floor, 2 apartments above) with an asking price of ~850k. 

I'm particularly passionate about house hacking.Outside of real estate, I enjoy doing carpentry work and hopefully could put that knowledge into real estate as well.Excited to learn and connect with you all! 

Section 179 of the Internal Revenue Code allows businesses to deduct the full purchase price of qualifying equipment and software up to an annual limit.In 2024, for example, taxpayers can expense up to $1,220,000 of qualified assets.This election can apply to many types of tangible personal property, such as machinery, equipment, and off-the-shelf software, which are used predominantly in your business.Limits on Section 179 ExpensingAs attractive as Section 179 may seem, there are limits.For tax year 2024, the maximum investment limit is set at $3,050,000.If your business places more than this amount in service, the amount you can expense is reduced dollar-for-dollar over this threshold.In addition to the dollar and investment limits, the amount of your Section 179 deduction cannot exceed your taxable business income for the year.This means that even if your business invests heavily in qualified property, the deduction could be limited by the business’s profitability.Also, not all property qualifies for Section 179.Real property, like buildings and structural components, generally does not qualify unless it is "qualified improvement property."

Quote from @Brick Biermann: I don't have it any more, but I used to have a line of credit against some of my investments.

Hi everyone, I recently started a STR cohosting business in the greater Philadelphia area.

Let me demonstrate why you should not rely on this approach.Suppose you want to compare two properties.Property A:Rent: $1,800/MoPrice: $300,000Taxes: $2,000/YrInsurance: $1,500/YrAssoc Fee: $250/MoProperty B:Rent: $1,600/MoPrice: $300,000Taxes: $800/YrInsurance: $600/YrAssoc Fee: $35/MoCalculating the rent price ratio for both propertiesProperty A: $1,800 x 12 / $300,000 = 7.2%Property B: $1,600 x 12 / $300,000 = 6.4%So, Property A is the better property!

I already did her screening and verbally accepted her application, but my question is how to i move forward? 

I am looking for any tips on how to structure my LLC as well as the best cities for Ohio.

I was under the impression that bank statement loans are an option for self employed