This allows you to report the rental income and expenses directly on Schedule E of your joint tax return, simplifying your tax filing process.

So, by transferring income from a rental schedule E to a business schedule C you're creating a significant extra tax.

Use your evenings and weekends for follow-ups and networking.Sending text messages could fit into your schedule too!

Regardless of how you financed your rental property, you can generally deduct repairs and take advantage of depreciation schedules.

Than learn with that safety net until your ready to take things back over to self-manage again. 

@Jonathan Small For Partner 1 ($72K W-2 income, 2 rentals in an LLC), hiring a CPA is advisable due to the complexities of managing rental property deductions, depreciation schedules, and LLC compliance.

Making effort a top priority, I was able to put up some satisfying numbers.On the phone [from 11 July 2024]:📞 11,005 Calls🏘️ 2317 Addresses Reached📌 50* Leads Generated🔎 7* Properties to due diligence phase📆 2 Scheduled Closes💰 1 Closed*Denotes: Database did not track metric from Day 1.The last 6 months have given the groundwork to build on.  

The risk of "piercing the veil" applies more to LLCs when personal and business finances are not properly separated, not necessarily to individual landlords renting a portion of their home.A more practical approach is ensuring you have a solid lease agreement, sufficient liability insurance (including an umbrella policy), and properly reporting rental income and deductions on your tax return (Schedule E).

ITs a great platform to find cleaners, schedule, and have checklists. 

I am a twenty year plus licenses GC who has built over 100,000,000. in commercial and residential construction in the NY, NJ, PA, CT and CA marketplaces. I have flipped new homes and townhomes but phased out raising a...