Along with that they won't appreciate and you will have a hard time selling @Caleb Brown This is really helpful advice — thank you for breaking it down so clearly.

Nobody needs a tax break on a project that loses money!

This rule provides a quick assessment, but detailed underwriting is necessary for accuracy.Now, let's break it down further.

Hi, we are considering turning our long term rental property into a short rental.

Hoping to get feedback from folks who know the Dallas market well.Situation & Goals:Family: Me, wife, and 3 elementary aged kidsWork Location: Irving/Coppell area — prefer to stay within ~30 min commuteStrategy: Buy a property to live in for 1–2 years, then rent it out and repeat the processNumbers:OK if property just breaks even once we move out (cash flow neutral)Strong home appreciation is more important than short-term cash flowFeatures I’m targeting:Good school districts (important for both family and long-term demand)House hack potential — ADUs, in-law suites, small multifamily, rentable layouts, or something that transitions smoothly to a rental after we move outAsk:Which neighborhoods or school districts in/around Dallas should I be looking at that balance family needs + investment upside, all while keeping commute reasonable?

I brokered the deal, brought in a partner, and co-invested to reposition the site into RV pads serving the local rebuild: traveling nurses, construction crews, and other temp workers.

We’d like to keep the property as a rental, but access approximately $650,000 in equity to reinvest in other properties or securities.Would it make sense to transfer the property into our real estate business’s LLC?

Also, make sure to research local laws and regulations since some cities have restrictions or licensing requirements that can make or break your numbers.

This is actually the strategy that prompted me to get into real estate investing in the first place.

As already mentioned, a checklist is great for this, and then you need to inspect periodically, because dishes break and vegetable peelers disappear.