Hey all,I'm in the Madison, WI market looking to get the first deal under my belt. 

I’ve read on multiple old posts that there is no need to create an LLC until you have a few deals under your belt (I’m sure they are referring to the aspect of shifting the liability off of you) curious how this works come tax season if you also work a W2 job (as I do and plan on doing) where your gross income from a property would be say 12k for a year but your net income or cash flow is only 1K.

I would like to close on a deal by the end of 2019, but will need a few more months of learning under my belt.  

The fact that you have tenants paying the mortgage on your home already as a recent college grad is a huge leg up on most folks in REI who don't start till later, so congrats on getting that experience under your belt so soon. 

Once your team is established and you have one or two purchases under your belt, then you may want to start looking at increasing your risk tolerance a bit and looking at gentrifying submarkets within whichever designated city.Also, stay in touch with your agent or wholesaler and stay top of mind.

I am an attorney with some real estate brokerage transactions under my belt. 

Perhaps you get a couple of those under your belt and then you revisit commercial strategies. 

@George Blower Thank you!

depends on the market. your rust belt buys who buy this stuff for the price of used cars are going to say 250k max for 5k in incomeyour west coast folks with strong potential for rent growth and appreciation may say. 750k.

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