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Updated over 8 years ago,
New Here - Hello!
Hi there,
My name is Jeremy, I am 41 and new to real estate investing.
My wife and I are entrepreneurs and at this point one of us could easily free up enough time to become a real estate professional and take on our goal of building a large portfolio - for the purpose of long term investing but also the tax benefits (for now) associated with depreciation.
We have very little experience. We currently own our primary residence in Nevada, a vacation property in California and a SFR rental in Seattle.
With our limited experience thus far, we are considering out of state properties in the $1-200K range.
How long does it take before one could justifiably be considered a pro in the eyes of the tax man? I'm assuming there is a period of time prior to this status, that you just have to start investing...
Do you have any advice for me in getting going?
Go turnkey or not? I know these are broad noob questions. I'm just really throwing myself out here looking for anything to chew on.