It will give you a strong foundation in legalities and best practices.

I have been learning the investor language, though still working on applying and practicing as I’ve worked with investor clients who flip, as well as do STR and LTR.

Any other best practices or things to consider are of course welcome. 

But best practices for Security Deposits (and last month's rent or other funds held in TRUST) is to keep it separate from your operating funds to avoid commingling and using funds for other than their intended purpose.

This general log gives an overview of your activities, but it might not be detailed enough for IRS purposes.Example 2: Detailed LogMonday, 7/1/247 AM - 7:30 AM: Monitored security cameras1:30 PM - 2:15 PM: Responded to tenant question regarding parking3:00 PM - 3:30 PM: Monitored security cameras4 PM - 4:15 PM: Checked mail and delivered to tenants, as necessary7 PM - 7:30 PM: Monitored security cameras10:30 PM - 11 PM: Monitored security cameras7 AM - 11 PM: Remained on standby all day for tenant needs/emergenciesThis detailed log breaks down your activities into specific time slots, which can provide a more precise account of how your time was spent.Best Practices for Record-KeepingBe Specific: Break down your activities into smaller time intervals, as shown in the detailed log example.Use a Logbook or App: Consider using a time-tracking app or a dedicated logbook to keep daily records.Document Standby Time: Clearly note the hours you are on standby for emergencies, but also separate it from active tasks.Include All Activities: Document everything from advertising to maintenance and tenant interactions.Consulting with a Tax ProfessionalGiven the complexity of qualifying for REPS, it's always a good idea to consult with a tax professional.

Put what you learn into practice!

What I recommend is probably not good business practice (profit wise)  but i always build great relationships with my tenants ( also they always paid) and I had many over the years. 

We believe that the collective knowledge and insights from this community can be invaluable in helping us navigate the complexities and opportunities in this field.We are particularly interested in:Understanding the key challenges and best practices in new construction projectsLearning about effective project management strategiesInsights on securing financing and managing budgetsTips on choosing the right locations and marketsExperiences with regulatory and zoning issuesNetworking with potential collaborators, contractors, and service providersIf you have experience in new construction or are currently involved in such projects, we would love to hear from you.

Conduct thorough due diligence, including property inspections and financial analysis, to ensure it aligns with your investment goals.Property Management: Since you'll be living in one unit and renting out the other, familiarize yourself with basic property management practices.

This is a practice that has led to amazing results.