What’s needed in order to get started?

[Wyatt Morgan]

I’m new to the site and new to the world of investing in real estate

Looking for a way to get to financial freedom and have been reading old posts on BP, listening to podcasts, and reading as many books as I can in order to get as much education as possible.

I’m Looking to get some insight in the behind the scenes of starting out. I’m planning on starting with buying and holding.

How does the financials and taxes aspect work? Curious on the necessity of creating an LLC or getting a business license. I've read on multiple old posts that there is no need to create an LLC until you have a few deals under your belt (I'm sure they are referring to the aspect of shifting the liability off of you) curious how this works come tax season if you also work a W2 job (as I do and plan on doing) where your gross income from a property would be say 12k for a year but your net income or cash flow is only 1K.

Do I need to classify my investment properties as a business before I get started or will it be no issue as long as I keep all records of expense?

Thanks for your help in advance I’ve been really over thinking this aspect and want to get it squared away prior to purchasing any properties in order to not get ahead of myself.