We use accounting software that codes the income and expenses to the property (called a class) so we can run P&L;s on each property with ease.Your accountant and bookkeeper will also thank you later for keeping it simple and avoid significant accounting costs. 

So my insurance broker says he cannot be added.My attorney advises I should maintain the previous insurance plus setup a new one under the LLC in FL who is the beneficiary of the Trust and then to add the Trust as additionally insured.But i would like to avoid double paying for insurance.Will you guys please advise on how to go about doing this?

I’d prefer to avoid double-paying for insurance if possible.Additional Note: This property will be used as a short-term rental, which adds to the complexity.Any advice on how to structure the insurance to cover all bases without redundant costs would be greatly appreciated!

Balancing the budget to make impactful upgrades while avoiding overspending was key to our success.

Generally your hours working at BP as a W-2 employee would not be part of RE professional hours unfortunately.For those who are RE professionals, gain on sale of rental real estate is still capital gains and still avoids self employment taxes just the same for those tho are not REPS so there is no downside to being a REP in the example you provided Scott. 

If he's dragging his feet, it might be time to set a deadline for his answer and line up other options to avoid last-minute stress.

when underwriting a property a good rule of thumb would be to set aside ~5% gross income for each Cap Ex, maintenance, and vacancy. (15% total)I dont know much of the market in TX but in central MA i work with a lot of investors that are interested in acquiring multi family properties so that's mostly what i deal in. 

@Jerome Nunez Dissolving your LLC membership and removing your name from the mortgage can be complex, especially if you’re aiming to avoid selling the property.

You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4.

As this would be my first property, I’m looking for advice on how to navigate these restrictions to avoid costly missteps.