Focusing on homes that area ideally under 1500 sq ft. 

Most ideal would be seller financing, but open to creative strategies for a cash-flowing property. 

For our second STR, we are currently researching Sherman, potentially / ideally, a less expensive duplex that we could rennovate and self manage from Dallas with workers coming to the area in mind. 

A CPA can ensure proper filing of rental income on Schedule E and help identify tax-saving strategies, such as optimizing deductions for maintenance, repairs, and travel.

Ideally want to break even or cash flow with the 3 tenants.

Strong rental markets with low vacancy rates are ideal for long-term holds, while areas with high ARV growth are great for flips.

You must report rental income on Schedule E and can deduct rental expenses like repairs, maintenance, property taxes, mortgage interest (allocated between personal and rental use), and depreciation for the rented portion.

If you are sole member LLC you just take a distribution from your business account to your personal account.You are likely already reporting the income on a schedule E.

(more legal fees, business fees vs. renovations).Research Points: §1.263A-1T§195(c)(1)Ervin E.

Here's an ideal PM contract: The two keys are: The PM is incentivized to make you money, not charge high fees, and is contractually bound to provide reporting that you can understand in a timely manner.