We still do not have formal protocol released from the IRS as the laws allowing anything were just passed by congress. 

However, when I do raise rent I discuss with tenant and then send them a formal form. 

Is your state Judicial or non judicial?

I have an interesting question to all/any and prior military folks. I am a “Licensed Reactor Operator” Licensed by the Nuclear Regulatory Commission. I am contemplating getting my Bachelors Degree in Bachelor of Scien...

You don't really formally "pay" yourself other than reporting the income on your tax return.  

Hey Everyone,My team and I are looking to make an offer on a single family home in Anne Arundel County Maryland just a little outside Baltimore.The current owner has an existing tenant with no formal lease.

Have a formal appraisal of the land produced, and then hand that to your CPA for valuing the LLC. 

People who intend to be more on the active end of the spectrum need to decide if that means setting up a more formal real estate BUSINESS.  

Because not every 'team" has the option to enter into a formal program for training. 

I learned so much from @wes @Wes Emert and now with multiple properties, rehab, rented, Flipped and wholesaled, I do my own walk through inspection and offer on properties as-is, where-is without a formal inspection.