You may have to look at a lot of deals to find a good one...We've walked away from far more than we've purchased because the sellers maywant to hold firm on their asking prices (even when DD identifies majorrepairs).

To prepare:Line Up a Cost Segregation Specialist: Reach out to a reputable firm now so they can review your property soon after purchase.Document Pre-Purchase Costs: Any fees or improvements related to acquisition should be organized for easier allocation.Tax Strategy Planning: Consult your CPA to align this with your overall real estate strategy and optimize benefits for 2025.This post does not create a CPA-Client relationship.

After 12 months, you can fully rent out the property if you desire, without needing to occupy.2nd homes are designed to have another place to live in a "resort type" area or when commuting to a different state for work.

I'm assuming at least one of the house flipping firms in the area has the basic template for me to sort of copy. 

.- Being made fun of by some forum power users- making other forum users actively angryI think that the remedy here might be less about how to determine whether there is a right or wrong side of the letter of the law with our forum rules, and to think instead about how team members can be trained to add genuine value to forum discussions and position themselves and your firm as the kinds of folks who really add value to forum posts.

Make sure you are given more jobs, are seen as being affiliated with the firm or investor and get them to set up a compensation structure where you are a stake holder in the property for your efforts.

There's room for flexibility depending on the desired tax strategy.Once you have more than a few properties, you'll want to consider software.

And most importantly I have the desire and the why!

Note: These are suburban buildings but in highly desirable towns with close proximity to downtown Chicago.

To thrive in real estate investing, you must maintain a firm grip on your finances.