I should add, while that's CAN be nice to take losses/deductions, its better to actually be positive and make money.If you flip, you are considered dealing in inventory, not an investment property. 

The IRS says to keep records for your business tax deductions indicating:What you boughtWhen you bought itHow much you spentIt doesn't mention requiring paper receipts at all.

I offer to pay them a 2.5% commission on the purchase price, deducting it from my assignment fee.Best of luck!

You can deduct as a rental expense 10% of any expense that must be divided between rental use and personal use.

I'm curious what experiences people have had taking tax deductions as a non-professional REI.

One question you should ask your CPA or a question I would ask is if the interest on the HELOC being deductible if used towards the purchase of rental real estate.

You just spent them, and purchase of real estate isn't a deduction by itself.Also, I don't believe you can do a 1031 exchange from the sale of a business, so you can't defer the tax in that manner.In terms of how to invest next.. 

Peter,That does not sound accurate based on having a Schedule E and being able to take those deductions as well as other standards.As an investor it’s not a bad thing to show more gross income which usually allows you to buy more properties with more income and a lower DTI.

There are two different topics / questions1) Can I deduct real estate education if I am involved in a real estate rental trade or business.2) If you can deduct it, is there a passive limitation involved.

Holding your single family in an LLC can indeed be ideal for tax purposes since businesses often qualify for more deductions than individuals.