Rentals, Taxes, Deductions and Cash Flow

[Joseph Deprizio]

My fiance and I purchased our first true Real Estate investment in January 2016. Even though this is technically the 3rd home I have purchased, this one is what we are considering our first true investment property. We are focusing on buy, improve and hold for short term and long term rentals. But we wouldn't pass up a good flip if the opportunity presented itself. 

We have started an LLC, and our putting together a great team (Contractors, Attorney, Local RE Agents and an accountant) We are in the demo phase and the place is down to the studs.

I want to find out more about deducting expenses that were necessary. Like foundation work, mold damage, water damage and things like that. I know my accountant will be able to answer a lot of these questions. But this is where I am at this moment in time. Also looking for another property as well. I defiantly need to keep improving on my overall knowledge, but I feel I have a great start and we are doing it the right way.

I have a full time career that I am passionate about, but it is my and my futures wife's passion and our goal is to create great cash flow from rentals that we can use for other investments.