My own market (and seemingly this forum) is full of people who have the same misconception that once you're out of what's commonly referred to as "the inspections period", that you are no longer permitted to make inspections of the property. 

But the most common tenant misconceptions have to do with not understanding that a lease is a contract.They are SHOCKED to learn (1) they are responsible, financially, for the FULL term of the lease even if they have a “good reason” to want to move out early (job transfer, moving in with girlfriend, don’t like the downstairs neighbor), unless the lease or local rental law says otherwise (2) “damage” includes painting the walls purple and the cost is putting the walls professionally back to off white (3) they have to follow any rules laid out by the lease, the HOA, and the governmental authorities (4) rent due on the “1st” is actually LATE and subject to penalty and or eviction if not paid by the 1st (5) the bs that worked on their parents in their pre adult life ( the dog ate my homework, I was sick so I didn’t do well on the exam, nobody told me class started at 8) doesn’t work in the real world.

@Grant Smithof course consult a qualified professional..This is usually the first/early misconception:  LLC's do NOT provide any tax/write-off benefits except when doing business with a non-spousal partner.So, if you are claiming you have some business venture(s) going, you'd most likely claim the deductions on SchC of your tax return. 

I do think it's a common misconception that "Wholesaling really can't exist if you have a real estate license" and that's simply not true.

This is a common misconception that is continually being passed along by misinformed "Guru's" and companies who earn substantial amounts of money "educating" clients on how to build business credit and obtain funding.

There are a lot of mis-conceptions around Section 8 - one is that all section 8 tenants are a pain.

For whatever reason there is this common misconception that people should look for lenders local to the property.

This strategy wasn't first taught to me by Bigger Pockets, but the platform has clarified many of the misconceptions I've had in the past.

.- Buying assets does not necessarily allow you to offset your other income- If it does, it's for one year only- REPS and realtor license are unrelated- REPS is difficult, sometimes impossible, to qualify for when you have another business you manage- Managing the practice probably does not make your income "passive"- There're other potential tax strategies to explore- None of them are a magic bullet that suddenly erases your taxes, they can provide a partial relief onlyYou may find this long thread interesting (warning: like all public discussions, it has a lot of misconceptions): https://www.biggerpockets.com/forums/51-tax-legal-issues-contracts-self-directed-ira/topics/942575-tax-benefits-from-re-investing-in-high-income-earners

The misconception about bankruptcy is fueled by the media who is not financially educated.