New to this: Short term rental, but my own frequent use
Hi all-
Looking at property in the New Buffalo, MI area (beach town, 1.5hrs to Chicago). I live in Chicago and was looking primarily for use for me and my wife, but with the thought that we could get a little extra income renting it out while we're not there. So it's not strictly an investment property I guess - in that I bet it will not be positive cash flow. I think I read that if I use it more than 14 days, it won't qualify for most of the good tax deductions. How do they know how much I do or don't use the property? There are tons of local management companies that could handle everything if I wanted to, or could try to do a lot remote since it isn't that far away and I do have a friend on the ground I may be able to get to be my guy on the ground. Anyone doing something similar or other words of wisdom?
Thanks in advance!