Trust me, I have been there.I suggest you try to House hack in cities that you are already familiar with and have some connection with.Hire a great investor agent in that market and ask them all your questions and concerns.That I believe is the best way to get personalized advice tailored to your goals and lifestyle.You giving out Cleeveland and Toledo on your post will only attract biased opinions and advise.Only you know what you truly like, want, and can deal with.As Nicolas said, read this post and comments and hope that gives you a new perspective. https://www.biggerpockets.com/forums/12/topics/1215726-break...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1137397-balti...Goodluck and keep us posted.

Your clients should focus on properties with significant equity potential and work with experienced contractors to stay within budget and timeline—especially with borrowed funds on the line.Avoiding Bad Deals - Encourage them to work with experienced agents, contractors, or mentors and always run multiple scenarios, including worst-case outcomes, to stress-test their numbers.Reserves - Advise your clients to keep a reserve fund separate from their loan for emergencies, unexpected expenses, or delays.

Exceptions include delays caused by factors outside the Subcontractor’s control (e.g., weather, material delays).5.

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

There are plenty of resources online including anderson youtube channel, few other sources are :https://wcginc.com/kb/ and https://wcginc.com/fee-structu... -- They have fixed fee structure to compare with anderson advisors without any blatant selling tactics https://www.kbkg.com/" class="redactor-autoparser-object">https://www.kbkg.com/https://go.empiretaxusa.com/61...If you attend any tax-wise or other 3 day events with anderson which costs $197 + travel expenses you will get enough knowledge on how they operate and you should be able to understand what LLC structure is beneficial, also they have a large collection of online videos with plentiful of information on youtube and tax tuesday webinars.

It would/could be only 15% capital gains tax and yes you could/would deduct all selling costs including commissions and transfer taxes.

@Melody RaultA lot of specialized tax firms, including mine, serve clients nationwide, using technology.

Be firm but fair, and don’t hesitate to ask about what’s included—like prep work and trim.

Additionally, the estimate for my tax preparation for this year was approximately $1,000 over the cost I paid last year (including the time I paid for them to correct their errors).

With rainy day funds included there are reports that CA had over $20B surplus.