You must report rental income on Schedule E and can deduct rental expenses like repairs, maintenance, property taxes, mortgage interest (allocated between personal and rental use), and depreciation for the rented portion.

If he bought this property ages ago for $33k and it is only worth $50k now, I just don't think that the juice is going to be worth the squeeze.

Some neat shops and bars there, and a brand new fishing and entertainment pier is scheduled to open this year.Congrats on your STR in Savannah! 

Flipping a brand new home likely wouldn’t bring much profit - especially after having to close twice when you first buy it, and later sell it.Maybe you have millions to spend and I’m just missing the big picture… but when I think of “income” I’m usually thinking “net income” after you factor in expenses, like purchase price or building costs?  

The first house that I bought was 17 years old, 3 br, 1.5 bath, brick ranch house with hardwood floors, Andersen windows, ceramic tile baths, gas heat and a brand new roof. 

➡️Harness the power of branding and marketing.

The LTR passive losses are reported on Schedule E and are not applicable to W2 income as I am not a real estate professional and earned above a certain threshold. 

The Simplified REI brand (you can find it on facebook or BP) are some really good meetups.

ANDAt least 5% ownerYou might want to check out this thread with sample REPS Log / Activity tracker that meets IRS guidelines https://www.biggerpockets.com/forums/51/topics/816680-real-e... 

My guess is the juiced returns.