Tax & Accounting 101

[Batool Hussain]

I am looking to buy my first property and not sure where to start with Tax & Accounting questions as out of state investor. I will have to travel to other states to look at properties - this quickly adds up $$$$$ (travel expenses) as my search area is relatively widespread - Ohio, PA, Kansas/Missouri and Florida. 

My question is when is the right time to open an LLC - shall I open it right at the beginning? Will I be able to claim these expenses? I am a single earner on a W2 so trying to limit my expenses as I start my journey.

What would happen if I open an LLC, and am not able to buy a property in 2023?