Also, there’s much to delve into on of those scenarios, like what type of cashflow or investment do you want, etc. residential, multi-res, small multi-res, commercial, industrial, etc.There seems to be fewer deals around these days and this typically benefits the more experienced and skilled investors but there are always multiple investors that get “tripped-up” in these markets due to them relying on recent “fortunate” market circumstances only to realize the markets cycle and they weren’t prepared or didn’t underwrite properly to account for unforeseen potential.There are more considerations, but this is a start.

The replacements often lack the experience.If you're looking for tax preparation only, without tax advice, then the worst times to look for a CPA are March-April and August-October.

Prefer keeping this kind of stuff behind closed doors if possible and sorting it out without revealing dirty laundry.I would have been in the same boat as many other turnkey providers that are no longer around if I didn't focus on limiting how much business I take on.And even with my stupidly strict criteria, we still copped the brunt of the sword.Business is business and people are people, sometimes things just don't work out.It's a true shame but such is life.I always want whats best for everyone and for every deal to work out and for everyone to succeed.With the best intentions, mistakes are still made.Those that work hard and do their best, will also make mistakes unfortunately.Again, I sleep in peace and whenever I F@#$ up, it's an honest mistake so crucify me all you want.Thank God, never been sued and back round is squeaky clean and I intend to keep it that way.Less is more and when crisis does arise (It always eventually does no matter how much you prepare and do your best), we can hopefully rectify and do our best to fix.For example, just had an investor loose $50,000 on a deal and the next few deals we are working for free for this investor.We don't have to do this, we want to...Not sure how we would be able to accommodate such an instance if I had 50+ investors loosing that much so I guess my stringent on-boarding criteria has saved our A$$ for 10+ years now.Granted, I'm burnt out on folks and have pulled back even more from doing our "measly" 4-5 turnkey deals per month and have decided to focus on just building my own portfolio.Like I initially intended when I moved to this country in 2012.Thanks mate and keep being great

Have a list prepared around a nice area of houses that you have selected that will fit your criteria....maybe see the insides of one or two?

And yes hurricanes are not that common but I should be prepared@Stetson Miller good point about finding a good HOA.

We are preparing our schedule to start visiting, and we sre planning to start with Rochester!

Some IRS agents may still require filing Form 1065 for 2024, so be prepared to file for this year before transitioning in future years.For Question #3 on Form 8832, you are correct that it asks whether the entity has more than one owner.

WARNING: if you do not prepare for this, you can enter a death spiral: deteriorating properties lead to lower rents, worse tenants, more wear and tear, even less cash flow to fund repairs and ultimately erode asset value.I do not mean to rain on your parade, hopefully, this is a helpful long term perspective. 

I’m committed to keeping my options open and continuing to learn about being a landlord to ensure I’m well-prepared for my first purchase.To improve my ability to analyze deals, I’ve developed a two-part plan:Join a local BP meet-up group to discuss my goals and support others.Continue learning and engaging with the BP forum.Thank you again for your guidance—it’s truly appreciated!

Also, as I prepare for estimates, would be helpful to know where my in year deductions actually are.