should I have "property management business"
Hi everyone,
I'm married, with two kids, 11 and 13. My wife and I both work full time, and want to continue working. We earn more than the IRS limit and can't take advantage of the $25k write off for passive income losses. We have 3 multifamily properties with a total of 10 units.
I was trying to qualify as a "real estate professional" for the tax benefits, but our CPA shut us down, one if use would have to work in real estate more hours a week than our regular job.
Now I'm thinking of starting a "property management business" to manage our rentals, to take advantage of business deductions.
So, I guess my questions are. Has anyone done this? is a landlord and has a property management business. What headache? Is it worth it? what are the advantages or pitfulls.
all and any advice is appreciated.
Thanks in advance for your help.
JC