All Forum Posts by: Punith Shetty

My sister and I co-own a rental property, with each of us holding a 50-50 share. Our property manager mentioned that they cannot collect rental income for one property and divide it between multiple SSNs.

Here's their suggestion: "They are operating a business, and the IRS considers it a partnership. Forming an LLC isn't required to establish a partnership. They can choose any business name they prefer and then obtain an EIN for it. They will need to file a partnership tax return, and each owner will receive a K-1, which will include their individual SSN. This is how the rental income is reported on their personal tax return."

please advise!

Excited to delve into real estate investing with three properties already in my portfolio! Currently prepping a new property in Arizona for the rental market and seeking advice on planned updates:

1. Considering upgrading laminate countertops to quartz for durability and aesthetic appeal.
2. Freshening up interiors with a repaint.
3. Looking for reliable washer and dryer units suitable for rentals. Any brand recommendations?
4. Switching out door knobs and cabinet hardware for a modern look. Any Amazon suggestions?
5. Updating light fixtures for enhanced ambiance. Any Amazon favorites?

Seeking maximum ROI with these upgrades. Do you think they add value and attract higher rent?

Grateful for the insightful real estate journey shared on Instagram. Any additional tips for beginners like me would be greatly appreciated!