When filing jointly, if one spouse qualifies as a Real Estate Professional and materially participates, the rental activity as a whole can be treated as non-passive for the joint return.

Quote from @Zach Logan: Hi everyone, I am posting in here to hopefully find someone knowledgeable and respected in the tax business for real estate professionals.

But one thing that often gets overlooked is that you can get deeper deal analysis at no cost by leveraging a mortgage broker or lending professional as part of your evaluation process.A good broker already has access to the paid software stack most investors do not want to spend money on, including credit risk systems, property data tools, pricing engines, portfolio-level underwriting, rental tolerance models, DSCR assessments, and more.

Mike - Fortunately, the vast majority of SDIRA's do have the proper language and provisions allowing you, the beneficiary, to manage and hire the proper professionals. 

Outside of my professional pursues, I enjoy weight lifting, traveling, and trying new foods.

With proper planning, it can be a very effective approach.Having a tax professional who truly understands real estate can make a big difference — especially as your portfolio expands.

Leelynd, I really hope this helps you a bit gives you another outlook, I sent you a DM on BP... it's one of the reasons I do this, I hope you can assist.

Given that you're near NYC, I'd imagine, there'd be a lot of newer professionals looking for a place to live so there should be no shortage.Id connect with other local investors that do rent by the room to see what they do for furnishings. 

If I have a travel health care worker I verify the professional license, call previous LL, but those are room rentals, single occupancy.

It also comes with a restaurant that hasn’t been in service for 40 years, but the structure is in surprisingly good shape.Here’s what I’m thinking through so far:Standard due diligence: +Phase 1 and 2 environmental, city plans/zoning, health department approvals for bringing the restaurant back online.Talking to the Army Corps of Engineers and the local harbormaster about dredging (not something I’d do immediately but want to know long-term outlook) and figure out generic cost for budgeting purposes.