Now, if you were NOT a "real estate professional" you would only be able to:grab the rental income ($100k) and subtract that from the rental expenses/depreciation ($117k), now that extra $17k loss can only be used to offset future rental income, not the W-2 income and dividends and interest income. 

Depreciation is another powerful tool, allowing you to deduct a portion of your property’s value annually.Action Step: Keep detailed records of all expenses and consult a tax professional to ensure you’re claiming every deduction you’re entitled to.3.

Beautiful weather, outdoor activities, and a vibrant culture add an extra layer of appeal for both residents and investors.But Florida isn't a one-size-fits-all market.

I've done all of the above, so DM me if you'd like to discuss in more detail.

Despite the extra requirements we had plenty of showing and very little vacancy. 

Else, move to a smaller unit or take in an extra roommate.

The only big issue I ran into is on of the basement walls needed extra support, I don't think a newer build would have that issue. 

Visit with people there and you'll get a more detailed look at things from people actively working in the areas.

The LLC would own the property, and your 50/50 split can be outlined in a detailed operating agreement covering roles, responsibilities, and profit-sharing.Since lenders often require personal guarantees for LLC loans, clarify that your partner will be the sole guarantor.

This would obviously reduce my cash flow on both properties, as I would be paying the minimum HELOC payment plus extra towards the principal to pay it off quickly.