So I just wanted to present the raw facts, hear everyone's opinions, and obviously gain some knowledge and tips from investors! 

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

., I left Anderson for a small firm that will do the actual taxes and then another company that specializes in tax strategy. 

Maybe that is why the old owner didn't pay their taxes?

Hi All, any input on renovating a house and possible tax exemptions under an LLC?

How to Track Regulatory ChangesStaying up-to-date might seem daunting, but the right strategies and resources make it manageable.Key Resources:Local Government Websites: These often publish updates to zoning, rental, and housing codes.Real Estate Associations: Organizations like the National Association of Realtors (NAR) or local landlord associations offer regular updates and seminars.Newsletters and Blogs: Subscribe to reputable legal or real estate blogs for insights into upcoming changes.Professional Advisors: Build relationships with real estate attorneys and property management professionals who can provide guidance tailored to your market.Pro Tip: Set up Google Alerts for terms like “rental law changes” or “landlord regulations” in your area to receive real-time updates.3.

Make sure your financial advisor understands real estate taxation, financial planning and tax planning. 

Tips for setting up an LLC3.

The property is located near two colleges, so I’m focusing on student tenants and planning for 12-month lease terms.Do you have any tips or advice for renting by the room?

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.