Maintain proper records - Contracts, Settlement Statements, Agreements, Promissory Notes etc.Additionally, you can track income and expenses consistently, using software or spreadsheets. 

Here is a great example why.I recently saw this asset come across my desk which was a non performing loan where the seller was a year behind (they made one payment I believe - even though they were allegedly properly underwritten).

Do you have proper license and insurance to legally manage properties for other people?

The potential tax implications are often minimal, and with proper planning, you can maximize the benefits of your investment while minimizing any tax burden.

Challenges like unexpected renovation costs and tenant turnover can arise but with proper preparation and management, you can achieve great returns.

However, split systems are like large lego sets and the biggest margin for error with this system is reliant on a properly installed system.

Where can I find proper leads or wholesalers?

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

Let me know if you have any questions or if I can help in any way. .logo-full .banner .brand .brand-logo{width:auto;height:auto;max-height:6rem;}.banner{margin-top:0.5rem;margin-bottom:-0.4rem;}.alignfull {margin-bottom: 20px;}.content .h1, .content h1,.gform_heading .h1, .gform_heading h1 { font-size: 2.75rem; font-weight: 500;}.how-it-works-head{font-size:228% !

When using this structure for investments, the key is to complete IRS Form W9 properly.