How long must I rent my Chicago condo out before I can count the income toward another mortgage in Florida?  

What are the real tax benefits to the seller when transacting via purchase money mortgage...I can see if the property is not a primary being taxed at capital gains for the sale...but what happens when the seller files taxes at the end of the year...how do they report income from holding a mortgage?...

I am hoping to establish my passive income through rental properties in the next 3-6 months.

If your numbers are accurate and you have 20% to put down, you shouldn't have any problem getting a conventional loan UNLESS you don't have another reasonable source of income.

I am upper 30s and looking at this for additional income and possibly a career change.

I know I will have to pay incomes taxes as apart of this conversion, but I've been doing some reading and can't seem to understand if I will also be hit with additional taxes as a result of something called "pro-rata rule".

This longer life would negate some of the tax benefits that are afforded to owners of residential rental properties (due to the shorter depreciable life on those types of properties), and would most likely cause your rental income to be taxable more often then not, right?

whether its a VA loan or Traditional loan it should not matter, as long as you have the right amount of the loan and the right interest rate. there is the option of sharing the calculator at the end of the sheet, you can put the link on here and let others check it if you want. but would also need to have list of your expenses and income so that we can see if everything was inputted right. if you do not want to put that on the forums, i would be happy to check it, just send me a message with everything.

Hi gys -This time I went for loan - I was told the Debt to Income ration has to be under 49%.

My recommendation would be to focus on investing unless the debt is directly hindering you from starting such as credit or debt/income ratios with the lenders that you are dealing with.