The main reason I made this post is because I find myself saying this to new clients multiple times a week.

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@Vivian Huang  Town or beach it depends whether you're buying for investment purposes or for yourself or both.I'm buying mostly for investment purposes.

My purpose behind my decision to pursue REI is to gain financial freedom for wife and I, my future family as well as have the ability to make sure my parents are well taken care of once they reach the retirement age.If I had to label myself I’d want to be known as an open minded rental investor for all long term, mid term and short term investing, with the occasional flip for quicker capitol to put back into another rental.

Microsoft Excel, and most budget or free online bookkeeping isn't going to cut it in this situation.For the rental properties you own directly, I often tell clients and prospects that a P&L in Microsoft Excel is just fine and a balance sheet is not necessary for tax purposes. 

A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

The main one being material participation. 

I was drawn to this investment mainly to test out the new padsplit model.

Troy, Ohio is almost the opposite of Boston, MA in every way.

For tax purposes, the profit is calculated as the sale price minus the cost basis (purchase price + renovations + transaction costs).