To prepare I would get a good understanding of what each partner can contribute to the purchase (cash/sweat equity) as well as the division of labor.

Some cliff notes:REP status requires 750 hours in real estate activities, and then after you hit that, the test is materially participating in your rental activities.If it is a short term rental with less than a 7 day rental period, if you materially participate, which could include at least 100 hours and that is more than anyone else, then yes possibly can use the bonus depreciation against other sources of non-passive income. 

Nothing in stone right now, since I'm still in school, but preparing for after graduation (6/2025). 

Being open to and prepared for constant learning only makes investing run more smoothly.

It is important to be prepared and have something in place rather than nothing, even if it's not "perfect".

Plus a lot of things can go wrong that you're probably not prepared for.

Be prepared to put at least 20-25% down since you would be considered a first time flipper. 

Clearly, I will find a CPA but I'm trying to get ahead of the game and prepare all the things I'll need for tax filing next year. 

Changing the tractor's oil in the driveway was another favorite: keeps the dust down in the summer.The developer risk is if that solid ever gets tested (phase one or phase two environmental study) you may have to dispose of it as toxic waste, which is super expensive.

@Wendy JiangBe honest and say no as mold testing is typically only done when there are visual signs of mold and has never been any signs or complaints.There are many factors outside of mold that can contribute to breathing problems.I would offer that if you wish I can order a hygienist to come to teat for toxic mold - but if it’s found to be negative the costs for the testing would be at your expense.