Thus, the PM generally has at least some role in mitigating problems and costs associated with the tenants on the property.In the end, what additional fees you charge as the PM is up to you, you just need to make sure that such fee schedules are explicit in your property management agreement.

You can also avoid the additional oversight of your project by the lender and you'll have more flexibility if you need to make changes throughout your project.While I can't speak to tax strategies, you should be able to list the mortgage interest for investment properties on your schedule E, whether it's a HELOC or an equity loan / cash out refinance.

@Andrew Steffens When you say you "The value is in the contracts which can just be assigned." it makes me think you are dealing with a wholesaler trying to sell you a property.

This covers most people's schedules.

They take 10% for all managed construction, so this is not a favor to ask for progress inspection on a project that was behind schedule several weeks, and was a vendor from their list.

Otherwise, it’s treated as a partnership requiring Form 1065.Get an EIN (Employer Identification Number) from the IRS (free) for tax and banking purposes.Separate personal and business finances by opening an LLC bank account and keeping rental income/expenses distinct.Consider an operating agreement, even if not required by state law, to define ownership and responsibilities.Liability protection: An LLC helps shield personal assets, but you may still need landlord insurance and an umbrella policy to cover lawsuits and unexpected claims.Tax strategy: Rental income typically passes through to your personal return (Schedule E).

.- Yes, if the property is rented, you can claim depreciation and must also file Schedule E with your federal return.If you need further assistance, you've come to the right place to reach a tax professional. 

Reliable tenants pay rent on schedule, stay for many years, and take care of the property.

Going to try to schedule something with him this week.

I’m looking to sell my single-family rental property in Grandview, Missouri that I purchased in October 2023.