Hi there,My name is Jeremy, I am 41 and new to real estate investing.My wife and I are entrepreneurs and at this point one of us could easily free up enough time to become a real estate professional and take on our goal of building a large portfolio - for the purpose of long term investing but also the tax benefits (for now) associated with depreciation.We have very little experience.

After debt service, taxes, insurance, and reserves, I'm estimating monthly cash flow of $1,100.

The tax records said 2 bath.

The issue is that flip transactions are considered a trade or business activity, and if a tax exempt entity like an IRA engages in a business on a regular or repeated basis, then there is a tax known as UBIT that applies to the gains from such business income.

RE taxes are pretty low compared to the state.

You can pull money out...and it is TAX free!

I live in upstate NY in Saratoga Springs and I don't know if I can bring myself to purchase a home in NY with the property taxes as high as they are–even with an abatement or an exemption!

I pay closing costs.10k down.Monthly Rent at current 100% occupancy is $5,710Vacancy 7%: $399.70CapEx 5%: $285.50Management 7%: $399.70Repairs 5%: $285.50Insurance: $316.00P&I: $2,093.60Property Taxes: $375.00Pest Control $150Dumpster $200Total Expenses $4,340.80NOI $1,200.00Debt Coverage Ratio: 1.74Income-Expense Ratio: 1.42%

I think the NYC metro area is great for BRRRR, but watch out for the high property taxes - can make positive cash flow difficult in some areas.

When a property averages less than a 7 day rental period over the course of the tax year and qualifies as a non-rental activity, and non passive tax treatment, how is the rule about personal use affected?