I've been involved in two JV BRRRRs with Land Trust ownership structure, the one we still own happens to have Joe Seagle's company as trustee who replied above.  

Now she is interested in getting involved and is open to a career change.Question: Is there a job she could transition to where she would match her current salary and benefits?

It's definitely more intimating and involved than a rental could be, but you may be able to make a lump sum of cash in 6 months or so that you could use towards other investments!

If not, even though you are a re pro, losses are passive & deductions are limited.There are 7 scenarios that will qualify as material, and you only need to meet one:*500 hours*Substantially all participation*> 100 hrs and at least 1/2*Significant participation*5/10 years*Personal service activity w participation in last 3 years*Continuous participationTo materially participate, you must be involved in the operations of the activity on a regular, continuous, and substantial basis.Once you pass the pro test, the material participation often comes along for the ride.You can elect to aggregate all rental real estate for purposes of measuring material participation under Sec. 1.469-9(g).Your time spent on all your rental properties (STRs don't qualify) counts as one activity, making it easier to materially participate.In order to make a strong case with your CPA and the IRS you need to document your hours.Best practice is an hours log where you are as specific as possible.

A resolution might involve a refinance or buyout agreement to remove her from the mortgage, aligning ownership and liability.This post does not create a CPA-Client relationship.

I made myself take QB classes and struggled for years, my CPA said what I am doing is about 80% correct and it was a ton of work to clean up the files. 80% is not acceptable for me when it comes to IRS stuff.

At any point in the process, you can file an eviction to remove the squatters.

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.

If your quote is that high it better involve a bigger SOW or other exterior repairs as well.

I am a 21 year old and I’m currently employed as a 1099 contractor (intern) for a digital marketing company and have been working there for a little over a year now (Haven’t filed taxes yet).