Outcome: Retrieve detailed information on legal cases, liens, judgments, and any active legal disputes that may affect the property.7.

If you meet this first test, you are a REP...now determine if you can use the benefits of it.2) if you or your spouse meet test 1, THEN you can make an election to combine all your RENTAL activities together for purposes of determining if materially participate in your rental activities.  3) So you met test 1, made the election under #2 - now you see if you materially participate in your rental activities. 

However, I'm excited to be a more ACTIVE member moving forward! 

One thing to keep in mind, most lenders will require that you have owned a property for 12 months, and have two active trade lines on your credit for 2 years or more.

Are you actively trying to seek properties in that area?

If your income exceeds $150,000, your ability to deduct passive losses from rental properties is limited, and any disallowed losses carry forward to future years under the passive activity loss rules.Yes, the deductions can accumulate and roll over year after year.

Get your license, do the prospecting activities, and find the buyers.

My goal was to be a little active to make a higher return and to do that I needed to be in the same neighborhood where I live.

Where are all the comments from people who are active in the BP community? 

Rarely do I come across a LLC that is treated correctly (without comingling of funds, documenting the minutes of the required board meetings, and often paying the franchise taxes to keep the LLC active).