Newbie Getting Ducks in a Line: RE Team questions

[Michael Scrogan]

Hello BiggerPockets People,

I am in the initial stages of planning and doing all the research I can by reading everything I can. My plan is to buy my first rental property in the next 2-3 Months. 

In reading Dorkin and Turner's book How to Invest in Real Estate I have questions about the team when getting the ducks in a row. Two of the team members I didn't think about connecting with before reading this chapter and I am curious if I am from Colorado but plan on Investing in Texas would it be better to have an accountant and RE Lawyer in Texas or in Colorado? Or do I need one in each state... Or do they sometimes work in multiple states and I need to find one with CO/TX expertise.

Any advice on this would be greatly appreciated. 

[Michael Hayworth]

@Michael Scrogan

Texas has no state income tax, so accounting isn't very complicated. Any decent CPA should be able to handle it. My local Texas CPA handles tax filings for my property in Indiana without any issue.

I've been investing in Texas for 11 years now and have yet to need a RE lawyer. Not certain why you'd need one unless you're doing something unusual.

The whole "putting together a team" thing sounds great, but until you're actually involved in a deal, the team is largely theoretical. If you talked to a contractor a month ago about your plans, don't assume he'll really be attentive if you get a deal 3 months from now.