I am currently a consultant and I have a CPA but I am hoping to break into real estate investing initially on a small scale and continue to expend my real estate portfolio until it is a full time occupation.

Hi Everyone - we need to change our CPA Firms.

I'd talk with your CPA about your tax liability first. 

Do I need to find a RE attorney and CPA for this, or is it fairly straight forward?

You NEVER hire the cheapest attorney, or the cheapest CPA, or the cheapest Doctor, why in the world would you hire the cheapest PM?

As always, consult with your lawyer and CPA regarding your specific situation. 

Hi @Sarah Maraj, I am a Mortgage Agent and CPA just outside of London and recently looked into rent to own using RRSPs for another client.

Make sure you have yourself a STR cpa 

Just curious what other landlords out there are paying for their CPA every year. 

Make sure you leave that new LLC as a disregarded entity, or if you bring investors on with you, make sure it’s taxed as a partnership (subject to Subchapter K).The only way to mitigate cap gains would be if the property appraised very close to its net tax basis.The other strategy at your disposal is to dissolve the S-Corp in the same year (though you really need to be in-line with your CPA on this one)… you should have more tax basis post- deemed sale, and that basis would help you achieve a capital loss on dissolution of your corporation.Talk to your CPA my friend!!