Rental Property Investor · TX · Member since 2024 · 9 posts · 1 vote
We have a house we want to turn into an executive rental but eventually return to the property as owner occupied in Texas.
1. Are there firms that specialize in executive rentals that anyone recommends in the Dallas/Fort Worth area?
2. We understand there is a limitation on how long you are required to live in the property to keep your homestead exemption. Does anyone know the rules or limitations concerning keeping your homestead exemption and the rules about your taxes when you have declared it as a rental property?
3. We want to do some upgrades before we rent, what order should we do these to maximize tax benefits? --owner occupied--rehab/upgrade--rental? In other words, should we do the rehab/upgrade stage while owner occupied or in rental phase? Can we declare the rehab expenses as rental expenses before you have tenant?
Sounds like you have a delicate purchase coming up that will require some step by step guidance. I would strongly suggest you reach out to an agent I have worked with over the years in DFW. You want a seasoned agent working on the preventive maintenance part of the deal and a good bank to walk you through the process.
She is a member on here the BP forum as well reach out to @Lucia Rushton