I'm not well versed in the tax code by any means but this whole depreciation thing seems like something that applies to some people based on individual circumstance but the gurus preach it to the masses.

I am supposed to enter the agreement with an LLC and I am wondering if I would be able to re-purpose an LLC that we set up in Ohio earlier this year but never did anything with.

Finally, accountability is key, as we take ownership of our actions and results both individually and as a team, creating a foundation for trust, growth, and long-term success.

I recommend AirDNA subscription for picking and evaluating both markets and individual properties, a little pricy, but if you are taking the investing seriously and with a long-time horizon, definitely worth it in my opinion

This means there are no checks and balances to ensure all transactions are entered correctly.

The simplest thing to do (at the risk of sounding like I'm teaching how to cheat) is to check the "material participation" box when entering a K1 into your tax software.

Google Forms are nice to input cash transactions directly into spreadsheet, to get applications from tenants, to ask virtual assistants to enter data.

Quote from @Ray Gregory: Hello everyone, My name is Ken and I am currently learning everything I can about trying to enter the real estate market.

In other words, if one property requires a major repair, reserves from other properties can help cover the expense, reducing the need for each individual property to have a fully stocked reserve at all times.

Of course, have a professional inspection done that enters each unit and do a sewerscope.