You technically CAN break it up on Schedule E; however, it is not the best thing to do for audit purposes or an actual breakdown.You should have an operating/partnership agreement together and you should have a dedicated bank account for the property.  

So yeah, I actually get 2 quotes.

But there are so many milestones in between, the first one is when you realize REI works and you are now actually a real estate investor.

I don't plan on going on the actual auctions :/.   

Happy New Year.I grew up in Dallas, graduated at Lake Highlands,  and my sister manages a complex in old East Dallas actually.  

And that's just a 2 unit, obviously the numbers creep closer to actual investor-numbers with a 3 or 4 unit pumping in more rent.

Pete, try looking at cities within an hour of those areas.Lately, I’ve actually been seeing more properties hit the 1% rule, which hasn’t happened in a while.

Actually, seems like you AGREE with me

With that being said, do yourself a favor and do the research yourself on zoning, valuation and ACTUAL rent before talking to STR specialists who make a living on selling these =) Just my 2 cents...

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.