Renting downstairs unit at market rent (which should almost cover mortgage) and house hacking while we convert the large, unfinished 3rd floor into a 3rd unit.

Renting downstairs unit at market rent and house hacking while we convert the large, unfinished 3rd floor into a 3rd unit.

My plan is to buy this first house, live in it for a year, then convert to a rental and buy another.

This effectively converts your passive rental income, if any, into active income subject to all taxes.Keep looking in bp.

Background on the land: The land is in converted agricultural to residential area many years ago.

I'm considering finishing the basements on both sides, and turning them into 1br units, so building out a bathroom / bedroom / kitchen downstairs on each side.Does anyone know if it's legal to convert a duplex into a 4-plex in an R5 zone?

From the instructions for Schedule E, was confused about this line:Do not count as personal use:• Any day you spent working substantially full time repairing and maintaining the unit, even if family membersused it for recreational purposes on thatday, or• Any days you used the unit as yourmain home before or after renting it oroffering it for rent, if you rented or triedto rent it for at least 12 consecutivemonths (or for a period of less than 12consecutive months at the end of whichyou sold or exchanged it).So, does that mean that if I am converting a long term rental to personal use in Q4 of this year, does that mean that for intents and purposes I get to treat it like it was a rental all year for expenses and CapEx and I should leave the personal use days box blank?  

I've worked on a few flips with my foreman (as a carpenter), and we were talking about becoming partners.My question is, can I convert my inherited IRA into a self-directed IRA, and whether yes or no, is this the best option for me?

I directly asked the seller's agent if it was legally converted to a 4-unit, which he confirmed of course.

Hopefully, you will have either paid off the line or converted it into long term debt.