Quote from @Kyle Carter: Hello Bigger Pockets Community!

@Brian KingHi Brian, Welcome to Bigger Pockets!  

5 tips i should keep in my mind when buying  rental property? 

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.

Apparently, not only did they sell at a loss, I didn't get any money back at all and they claim I owe them an additional $40,000 for "renovations" despite no work being done to the building at all. 

In many cases bigger banks or lenders have specific programs that cater to first time home buyers and investors. 

I attended a REI conference back in October 2024 prior to knowing anything about Bigger Pockets or investing in general, and it gave me the motivation to seek out information and shoot for my first couple of deals in 2025.

Hi @Herb Mitchell Welcome to Bigger Pockets and best of luck to you! 

It's a small place so I'd guess it won't rent for enough to cover your expenses anyway so I'd probably sell, especially if the loss is small, it unless it's in a great neighborhood that you think will do well over time. 

Through reading and learning this criteria a little more I happened to stumble upon Bigger Pockets and I am more than thankful for that.