"(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.

The IRS recently provided guidance regarding eligibility under the CARES Act and specified that a qualified individual includes an individual who has a reduction in pay (or self-employment income) due to COVID-19.Distributions:If so, you can take a penalty-free distribution (as well as waive the 20% withholding requirement) from your 401k (assuming that the employer allows it) anytime between 1/1/2020 and 12/31/2020.

I dug deeper to read that we also need to post in the paper a number of times...this is more complicated than the 30 second online form we filled out for our 3 Colo properties.Thanks for your guidance and thoughts!

You should talk directly to a lender and they will give you guidance.

Any guidance or thoughts are greatly appreciated as a new investor looking to learn as much as I can so any insights into those two markets would be great as well.

Although a number of people are concerned that SOFR will be more volatile, there will be other indexes that certain banks and institutions use as an alternative index option.Most loan docs over the last 3-5yrs had verbiage related to the potential change, and they gave guidance on what indexes would likely be used, the calculations for the new index, etc.

Could really use some guidance here folks.

I'm just trying to find guidance where to look.When you got your loan approved, did they give you a good interest rate comparable to the lowest rates for conventional loans?.