If you did finance some of the purchase using a non-recourse loan, then you need to read up on UBTI/UDFI and there are some taxation benefits that the IRA can achieve since it now owes taxes in that scenario.

Did you close this with a hard money loan?

It is easy to underestimate the timeline.It is easy to underestimate loan costs.

He buys small barns and converts them into 2-3 bed cabins.

TurboTax has rental property features, and the IRS has a great guide on rental income, deductions, and recordkeeping - IRS Rental Property Tax Guide.https://www.irs.gov/businesses/small-businesses-self-employed/tips-on-rental-real-estate-income-deductions-and-recordkeeping2.

Check passive loss rulesTrack carryforwardsMost small landlords will simply:Take the simplified $5/sq ft deductionClaim it if they have net rental incomeSkip it if they're already showing lossesPro Tips: 💪Use the simplified method - it's $1,500 max (300 sq ft × $5)If you're showing profits, take itIf you're showing losses, don't botherKeep basic photos/documentation of your spaceThe Bottom Line: 💰If you're making money on your rentals and genuinely use a home office, this is a nice extra deduction.

Still, you may not have to submit your tax returns. more info would be needed to know for sure, reach out to a seasoned loan officer for pre-approval and see if your situation would allow for this. 

(Even went beyond the second page of Google.)I have an investor who wants to partner on a deal by providing a loan for the down payment.

It's about to be your small business.

We recently came upon a small property and are seriously thinking about purchasing our first rental!