Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago,

User Stats

29
Posts
5
Votes
Fletcher Caulk
  • Real Estate Investor
  • Fairfax, VA
5
Votes |
29
Posts

Starting Out, Planning

Fletcher Caulk
  • Real Estate Investor
  • Fairfax, VA
Posted

I'm a relatively new real estate investor (have one property that I kept after moving out and looking for turnkey rental to purchase within the next two months). 

I want to better understand tax and legal considerations for my current / short term situation and how to set myself up for success in my future plans of owning a large portfolio of rental properties. 

What tax deductions should I be looking for outside of the obvious (interest, property management, HOA, depreciation, etc)? Do I need a tax professional with just the single property if I'm using tax software (H&R Block)?

On the legal side, is there anything to consider with my current property? How critical is it to get legal advice if going through a professional turnkey provider/property manager? 

Are there any considerations to make now that will make things easier as I scale? 

I realize I have many questions, even if you have advice on one of the questions I'd love to hear it (with the understanding that tax and legal advice will ultimately need to come from a professional)!

Loading replies...