I am looking for attorneys so I can jump on a call, so I learn and be more prepared in case this we're to happen again.

Have your accountant prepare a mock 8582 and watch how it all flows!

Currently, I'm a tax preparer and this year was my first year, I'm really interested in this topic but I want to know which course should I pick?

Develope a plan, implement that plan and be prepared for side steps.

Looking for an accountant who can help me prepare my taxes for my first year investing in R.E.

I am not sure if I am to say what the details of the house entails, but hope that someone can guide or correct me on this if I may, but I'll hold off until I receive a confirmation.I know I would now need to determine a value....monthly pymts are current and at $1,100.

I think, in addition to what has been posted so far, not preparing for the holding time is one of the biggest reasons new investors lose money.

Considering she is a new tenant and at this time should of had the money prepared to pay October rent regardless of the situation my guess is she is simply using you as a temporary cushion rather than  understanding where her priorities really are.

Work out which one you're prepared to live in for at least a year, and apply for an FHA-approved loan for THAT one, and conventionally borrow for the other one.

However, if you do have that amount of maintenance/repairs required then you are prepared to accommodate them with little effect on your Cash Flow projection.