But it doesn't impact any taxation.  

I recommend finding an accountant who specializes in real estate taxation over one that is local.

Your best best is to find a CPA who specializes in real estate that is also familiar with the state laws where you are a resident of.People think that there are only a select few amount of CPA's that specialize in real estate taxation.Real estate investing and the taxation revolving them is as old as time.You may be able to find a local CPA that specializes in real estate taxation at a REIA meeting.You can also a CPA by networking with other investors within your state and asking who they use.Best of luck!

Marcelle,You will want to connect with a CPA who understands real estate taxation(especially involving STR's) and multi-state taxation as you have investments in multiple states.Best of luck to you in your search.

Since technically my company was being paid the cost of the rehab & management fee, although I had deductions for labor & materials for federal taxation, the LOCAL government charged a 2% tax on the GROSS revenue.

While Roth IRAs allow distributions to be taken from non-taxable contributions first, on the 401k side distributions are a pro rata share of contributions and earnings, resulting in some taxation if those distributions are not qualified.

@Bill BrandtI'm estimating based upon Fed long term capital gain at 15%, Depreciation recapture at 25% on building value x .0363636 per year, and State CA tax at 9.3% ordinary income.Income brackets aside, that is an insane amount of tax 50k.Terry

@Matthew Meade look into the laws for short term rentals and taxation before you start up rules, regulations and taxation vary greatly from city to city

Property tax at the unit level would be in the event a multifamily was condo-ed out i.e. converted into individual condominium units.

A very valid goal is to make enough profit from the deferred tax over time to pay for the tax at the end.