I have a tax firm that specializes in working with real estate professionals/investors.

The rest, put you on near-worthless drip campaigns, don't understand calculating the offer price based upon rents - property taxes - insurance - MNT & Vacancy percentages, etc.DM @James Wise to schedule a chat with him!

Very sad, very taxing, a lot of effort before you have a deal to show for it.

An LLC doesn't make a difference in your federal taxes or what you can deduct.What you want to do is technically possible, but there are several hurdles. 

But weigh the costs of insurance and taxes against the cash flow and make your decision accordingly.

So I do not have a tax filing with the rental income on it yet.

The land assessment value is on the tax assessor's site in every county, but that doesn't hold a ton of relevance in my opinion.

As for income verification, I require the applicants two most recent paystubs and if self employed I need their most recent tax return.

So, it would then potentially cost you a penalty for early withdrawl and also income tax owed on it.

Get a signed bill of sale including the furniture at closing for tax depreciation.Communication is key!