Deductions available on LTR with W2?

[Storme Whitby-Grubb]

Hi all, 

I'm gearing up to purchase my first investment property. I had settled on OOS SFH in 2023, with the goal to potentially purchase MFH in 2024. I have been looking at buy and hold, and putting tenants in the property. However... I just stumbled upon info online about not being able to deduct losses if your AGI is over 100k with W2 employment, which mine is. I've spoken to my CPA a number of times about my plan to buy real estate, but it is not his area and isn't able to help with any strategy or advice etc. I'm trying to educate myself as much as possible, whilst trying to find either another CPA, or an attorney (which is what my CPA advised).

I stumbled upon the incredible Amanda Han (Brandon Turner's CPA/advisor) online, and her bite sized info has alerted me to possibly running into an issue with my current plan. I am getting killed by taxes in CA (I don't own a primary here, single filer, no kids, so I have essentially no deductions right now), and was hoping this could help me with some deductions whilst building assets. 

I had originally planned to do this through an LLC, but having spoken to a few professionals, at this point it doesn't make sense to do that.

I am actively on the hunt to consult with a REI CPA, and am sifting through the recommendations on here as I type. In the meantime, if anyone has any insight into if there are ANY deductions that can be made whilst owning LTR whilst on a W2 with over 100k AGI, I'd greatly appreciate your input. I wanted to steer clear of STR because all the AirBnB laws keep changing, and with economic slow down and layoffs in tech sectors which is an area of extreme disposable income to travel etc, it just feels like the wrong time for me personally to invest in an area where discretionary travel is likely to be the first to go from people's budgets as they tighten their household budgets. That's just me though, and I know there are tons of great success stories out there, and that CPI has come down, so yay for that. But right now, that had been why I was steering away from STR.

If you read this far, thanks for reading this essay! Appreciate any insights, or CPA / tax strategist recommendations I could get a consult with too. 

Thanks!