We regularly recommend 1.5 - 3% increases at the end of each lease.

The software normally has the information so it would be hard for a PM to make a mistake on the financials unless they changed settings in the software (such as what is included or not included in Taxable income on the 1099).So, our clients don't have issues with their year-end financials and 1099s.

Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.

@D Giambo, Contributions into an LLC are not generally considered taxable events. 

Additionally youll want a deep bench of backups in case your regular service providers fall through.

Regular long term rent: $750Airbnb ( only opened 2 months ago) : earning about $2800 on a not peak season. looks like it may hit the 4000 mark in April/May peak season....It is no more than 5 hours of work per week if you do it efficiently and find a reliable cleaning crew.

Katrina (who owns Dove Realty) and her husband David, who often does handyman stuff are regular people who just do their job.

It isn't a ton of extra work for us to manage an IRA vs regular investor, but eliminating government-mandated paperwork (that adds no value) is a win.

This lowers my taxable income and my taxes on operating income.

The driveway is 'Y' shaped, very narrow from the street to the back, then both houses have their own parking area in the back.The issue he is having is the other homeowner is 'accidentally' leaving nails, screws, and other puncture problem items on the driveway with alarming regularity.