They have a rep at our regular reia meetings.

Normally in a 1031 exchange that $500K would be taxable beause the IRS sees that as taking profit. 

Michael Short   Don't get me started on how women get short-changed if they are stay at home moms, starting with Social Security benefits....But, if your Mom came to me, as a landlord, saying she's in the middle of a divorce and she should be getting alimony - but doesn't have it yet, may not get what she thinks she'll get, and there is no proof of regular deposits in a bank account to show me it would be reliable - I'd have to deny her.  

@Nam PhamContracts: Have a detailed contract outlining the scope of work, deadlines, payment schedules, and materials to be used.Updates: Establish a schedule for regular updates, such as weekly calls or video conferences, to discuss progress and any issues.Project Management: Utilize project management tools like Trello, Asana, to track progress, manage tasks, and store documents.Documentation: Request regular photo and video updates.

You save SOMETHING because you make 26 payments (or 13 regular payments per year instead of 12. ). 

It should be noted that qualifying as a real estate professional doesn't guarantee rental real estate income will offset other net taxable income.It just allows a taxpayer to apply the material participation rules to rental real estate for a non-passive/passive determination.Consult your tax CPA/EA.

Each time you sell crypto, it is a taxable event, just the same as selling stock in an investment account (with exception to tax advantaged investment accounts).

Thankfully TX has no maintenance fees unless you are taxable under the franchise tax (approx. $1.1M in gross annual revenue).

(Turning it in to a rental makes those gains taxable and will probably take a decade just to break even on taxes.)2) This is the ideal rental you would buy if you had the cash in hand instead of this home?

There are some expenses (mostly noncash items) that can be added back to your income - depreciation is the most common/well-known.If you have strong revenue and are reporting a lot of expenses to reduce your taxable income, a bank statement loan may be a good option for you.