You asked about short-term rental property demand and mid-term rental property demand in other areas besides yours and thoughts on managing these properties.First off, short-term rentals are a great property class to own, especially if you "materially participate" with 500 ours in the management of your property for the IRS to consider it an active investment and able to write down your active or W-2 income with the expenses, bonus depreciation, and cost segregating the property for additional depreciation to reduce your income taxes.There is short-term rental demand in many communities in Michigan because we have so much coastline and natural beauty as well as university, business, and hospital stay demand.

Don't let any mentor or coach tell you can do these for zero down.Usually you can find these for $15,000 or so in “up front” money.Here are the differences and why it can be done.By buying “off market”, the selling price can be reduced by the amount of the fees the seller would have to pay, if they used a real estate agent.

When you sell $700k property you have to buy $700k worth of property to defer all taxes not just the amount you have in profit.  2) When you did the exchange your “tax basis” for the two properties you bought would be reduced by your profit.  

Obviously, we are paying a lot of tax, but we have never seriously thought about reducing the tax that we are paying.

A good plan will show how to structure things like your wife’s business, potential rentals, and depreciation so everything works together to reduce your overall tax burden while transitioning away from W-2 income.

Except we can't erase it, we can only partially reduce it.

When the property is sold, the depreciation recapture rules will apply, reducing your tax basis and potentially increasing your taxable gain.This sounds like it is straight out of chat gpt and does not answer my question. 🤣  Completely agree

I'm looking to reduce my workload and built a portfolio that is generational.

You may be able to deduct a portion of your mortgage interest, property taxes, and even depreciation for the rented portion, which can help offset your rental income and reduce your overall tax bill.If house hacking isn’t an option, starting with a single-family home is usually the easiest way to get your feet wet.

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