Taxes with multiple properties in Michigan

[Michael Layne]

Hello!

My name is Mike and I am a complete investor newbie from Michigan.  I have been consuming podcasts every day for the past week or so, and just ordered a couple of books from J and Carol Scott, Mark Ferguson, and of course David Greene and Brandon Turner. I was talking to a family friend about my new found passion and goals, and he mentioned something in passing about how taxes change after you own a couple of properties.  I do not know if that is standard around the country or is a state by state situation, but I just wanted to hear from you wonderful people about what you know about the subject of how taxes change when you own multiple properties (or if he didn't know what he was talking about).  Even if it is just pointing me in the direction as to where I can actually learn about what he was talking about on my own, it would be a great help!  

Thank you and I am excited to become a part of the community!

Mike
 

[Basit Siddiqi]

@Michael Layne

Your tax return will drastically change once you have rentals.

If you have a W-2 and a couple of interest/brokerage accounts, your tax return is likely easy enough for you to do on your own.
Your return gets slightly more complicated once you have rentals. Eventhough it gets more complex, it can be a good thing, as potentially your taxes can go down and you have a lot more flexibility on what can/can't get deducted.

Good luck on your journey to becoming a real estate investor!