Updated over 2 years ago on . Most recent reply
New to owning (1yr) and want to start renting....
We bought and moved into our first home December of last year. I know. We've lived there and are looking to start renting either part or all of our home as we move further into investing. I've been trying to learn what I can about the taxes portion of renting out but most of what I can find is specific to BNB or other programmed STR and complete property STR/LTR.
Is there a resource I should be reading or watching/listening to that can inform me more about what I need to know? I am specifically trying reduce tax burden in a legal way and open us up to more possibilities in investing. Right now I can rent the entire home for approximately the cost of mortgage plus 5% each for maintenance and vacancy if I self manage. It will flow a whopping 100 or so monthly. Nothing to get excited about at all. Hahaha.
So here I am asking the smarter and more experienced people what I need to know to go forward. I don't know if it matters, but I am in the Seattle area and have a VA loan where we put down 0% but have overpaid each month about 10%.