Keep detailed records of repairs, improvements, and rental income, and consider working with a CPA specializing in real estate to ensure you're taking full advantage of deductions and strategies like passive losses, home office deductions, or even the Qualified Business Income deduction if applicable.Good luck!

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

I couldn't imagine how hard this would have been to navigate if property were even 1 hour away.

Most investors don’t even need an LLC and a holding company is extra, extra overkill though IMO.

Even if you’re not ready to buy yet, practicing this skill will help you recognize a great deal when the time comes.Feel free to reach out if you’d like to chat more—I’m happy to share what I know or help you connect with others in the field.

Common sources of such properties include:Foreclosures: Homes that have been repossessed by banks due to non-payment.Distressed Properties: Homes that are in poor condition and need a lot of work.Auctions: Properties sold at auction for below market value.Off-market Deals: Properties that aren't listed on the MLS but are available for sale through direct outreach or networking.The key is to buy a property at a price low enough to ensure that even after renovations, the home will appraise for a higher value.2.

Beefing up your portfolio holdings  (even if your individual ownership in the deal is modest) is one of the best ways to gain credibility.

Even if you have a higher return in the stock market, you'd be doing it with a lower basis after tax and it will take a long while to recoup from that. 

It creates a space for people to reflect, learn from each other, and even rediscover strategies they’ve forgotten.Revisit the Basics: I love how you mentioned going back to basics.Invitation is open let's have a coffee  next Tuesday  7:00 PM at the Squadron Restaurant next to Miami AirportJan 27,2024. 

And even if I do not get into the renting business I can make some profit if I decide to sell the property at some point.