CPA for first time short term rental investor

[Ross Derouen]

We are about to start building our first short term rental property. I am looking for a CPA to give guidance on the most effective way to go about the process and work with going forward. Our plan is to start with this property then potentially build another. Any guidance or suggestions would be greatly appreciated. 

[Alecia Loveless]

@Ross Derouen Inquire as to how the billing process will work.

There may be different fees for consulting vs fees for preparing taxes.

I worked with the franchise owner of a H&R Block for about 25 years while he owned the franchise and this company bills tax returns by the addition. So two W-2s, two charges. 4 interest income additions, 4 charges. Etc. so by the time my taxes were completed I had about 18 charges which gets expensive fast. The consultation during this time was free though.

Now the same guy sold the franchise and has his own company and it’s more of an hourly rate which is working out better for both of us. Consultation is still free but is now more difficult to obtain because he doesn’t work full time.