And someone jumping into this as a complete newbie can expect that they have a decent chance of making some expensive newbie mistakes.

These options will be more expensive.6. 

Hi Joshua, the amount of down payment also changes with the cost of the property, so starting with a less expensive property may be smart (for multiple reasons).

Assets identified in this study include:Standard windows and doorsInterior ceilings and wallsBasic plumbing and electrical systemsBuilding structural elements and roofingBasic HVAC componentsWater heatersFire protectionThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

I would be cautious on the value add opportunities as the capex can be very expensive, but since you are developer you may might have an edge with figuring out these kinds of costs in your due dilligence.I've been working on building relationships with brokers. 

I've heard lots of things about turnkey properties and could definitely use some clarification to see where it might fit into my plan.

You’ll need an agent who knows the area well, a solid property manager, reliable contractor connections, and lenders if you plan to use private money.

My CPA was unsure... do you issue 1090-NEC for the difference between 1099-K and 1099-MISC or do you double up the income (i.e. 1099-NEC for gross rents from PM, 1099-K of the net owner distribution on 1099-K, then owner reports double income and puts a line item expense for the 1099-K since 1099-MISC covers gross rents).You need a new accountant lolPM issues 1099-MISC, not NEC for rental income paid to property owners.You would still issue the rental income paid to the owners regardless of the payment method.The Property Owners should add an expense line item on Schedule C stating that income reported twice on Form 1099 to offset any duplicated amount.

Crickets...At this rate, it will be 2+ years before the project is finished.Anytime you ask for a project plan or schedule you will get vague responses with no actual plan.

I live in a very expensive market (Seattle, WA) and I am looking to invest out of State.