Quick question about 2023 expenses.We purhchased our first inventment property at the end of December 2023, but did not get it listed for rent until January.We had some expenses associated the purchase in 2023 that would normally be captured on a Schedule E for 2023, but I don't think we can do a Schedule E since the property was not listed for rent in 2023.  

Maybe a meet up sometime if there’s enough responses.  

Thank you all for your responses to my earlier 1st post. 

The contract should protect both owner and contractor and it should highlight responsibilities and what all they will do.

Thanks again for all these super helpful responses especially Luan and Ian for these detailed suggestions. let's keep this discussion going, if there is any advice/words of warning that you have please let me know, I could use all the help I can get.

Insurance falls under that umbrella - as would something like a tax lien that isn’t cleared up relatively quickly.

After getting burned a couple times by professional, experienced renters who quickly recognized our management inexperience, we began to pivot to increasing our knowledge of subsidy programs, mainly Section 8, which had inherent resident accountability measures modeled into their programs.

Also, the Ultimate Beginner's Guide is a nice, quick explanation of different aspects where you can find something you're more interested in and explore that further. 

The other spectrum is when the investor plays attorney and did not run it by an attorney and realizes they did not understand the legal process and are like “wait, I bought this thinking I could do X but I cannot because of Y”, - and a common response is “your attorney did not advise you of this in due diligence” and the response is we did not use an attorney.

I definitely believe in insurability, and also responsibility.