Legally, W-2 process and collecting rent, Fort Lauderdale

[John R Behrns]

Good afternoon BP,

2018 I purchased my first property… Two bedroom two bath in sunny South Florida. I've spent the last two years fixing it up and getting it rental ready. I've come up with excuses in this process: it's nice to come home, you will rent it, it takes time, you need more education on being a landlord... I potentially have a great tenant lined up, stable job, stable income and it would be wife, husband and mother-in-law. I understand the need to still do background checks and have everybody sign the lease and rental agreement but I am having trouble wrapping my head around filing taxes, write offs, do I need an LLC, do I pay myself... how do I make this legit legal so I use the right systems moving forward.

I appreciate everybody’s time and what a great opportunity to have all this knowledge in one room :) 

Thanks,

John