The property is located near two colleges, so I’m focusing on student tenants and planning for 12-month lease terms.Do you have any tips or advice for renting by the room?

Memphis is full of opportunities; whether you're looking for properties that are cash flow or appreciation focused, or both, the Memphis market will always have something for you.

The issues can be local so look for someone in your area who is posting and try to contact.   

Risk that the IRS will challenge it, which is far more likely than with a full-service professional report3.

I don't want to bite off more than we can chew with managing a full reno while we learn the ropes. 

Assuming:40 hours: W2 job56 hours: Sleep21 hours: Basic daily tasks= 51 hours potential REI time💡 Pro Tip: It's not about finding time; it's about allocating the time you have strategically.🎯 Your 6-Month Timeline:Month 1: Foundation (5-7 hours/week)Morning routine: 1 hour daily market researchEvening routine: Deal analysis practiceWeekend: BP forums & networkingKey Goal: Analyze 10 deals on paperMonth 2: Education (8-10 hours/week)Complete 1 RE courseJoin 2 local REI groupsSchedule lunch breaks with agentsKey Goal: Build your initial power team listMonth 3: Systems (10-12 hours/week)Set up deal tracking systemCreate document templatesEstablish banking relationshipsKey Goal: Ready to make offersMonth 4: Lead Generation (12-15 hours/week)Drive neighborhoods after workWeekend open housesSetup automated MLS alertsKey Goal: Generate first 5 qualified leadsNow, the Owners and Brokers you deal with may not enjoy this, but you can certainly "practice" making offers.  

It surprised me that he found a good BRRRR deal on a DM from a forum post... so here I am (because why not open up every avenue I can to reach my next goal.

Ensure that the mortgage is assumable, and confirm that there are no due-on-sale clauses that could trigger the full loan balance. 

I did receive an update shortly after posting here.

Property management fees and software subscriptions are deductible, and depreciation reduces taxable rental income.This post does not create a CPA-Client relationship.