However, it doesn't indicate that the professional is well versed in taxation as it relates to Real Estate.I would question the EA how many clients and what percentage of his clients are real estate investors.You may also want to ask him/her for a referral from one of his real estate investing clients.In the chance that he/she does not work out - there are tax professionals here on BP that may be able to help.

I'm a realtor and investor and our country guy comes to the realtor association once a quarter and practically begs us to ask first. it's worth a thought.

Wait till march  when 1st quarter end of this year. 

I think California trust taxation is driven by residence of the trustee/s, residence of the beneficiaries, and whether or not the trust distributes it's income and to whom.There may be some planning opportunities around those variables.

Randall, those are very real concerns.Don't forget rent control proposals quarterly, first come, first serve screening, ESAs dictate how we handle animals, and show cause terminations of m-m agreements.I am afraid some of these policies will drift up or down the coast or East over the hill to us. 

The elimination of taxation on leveraged rental income is one, but keep in mind the tax impact in the IRA is nominal. 

Your last inspection should have caught any major issues assuming it was no more than 6 months ago (units should be inspected every quarter).

@Scott LongVirginia will require you to report the rental income from the property in NY because as a Virginia resident, you are required to report world-wide incomeNew York will also require you to report the rental income because the rental property is located in NY.To avoid the "double-taxation", Virginia will provide you a credit for taxes paid(if any) to New York.You are able to withdraw money from the LLC to your personal account.

You would also want to have in lease disclosure of personal and financial books updated quarterly. 

Boeing once had their headquarters in Seattle and determined that because Seattle abused the company by taxation and restrictions, Boeing moved to Chicago claiming that Chicago was the "center" of their market.