There are a high number of CPA firms that do not want to get involved outside of the FYI to their clients, and some state boards are saying that a CPA advising related to this registration is an "unlicensed practice of law" given it is not under Title 26 - income taxes - the only place where CPAs and EAs are specifically authorized to interpret law. 

I have done extensive research in the risks, how to structure such deals to mitigate those risks as effectively as possible, and legal considerations of each strategy. 

- Are there specific tools, resources, or methods you use to simplify the regulation process?

By tackling them early on, you minimize the risk of missing critical dates.In my experience, closing a deal within a specific timeframe requires meticulous planning.

I also like having credit cards at the management level rather than a credit card per property.We can get into the weeds with this stuff but it all depends on your specific goals and how you're managing your properties.

Specifically, I’d love to hear about best practices for managing shared spaces, screening tenants, and setting up house rules.Additionally, I plan to split the utilities among the tenants—any advice on how to handle this efficiently would be greatly appreciated!

These companies invest for long term growth.Here's why exploring these options could be a win:Less competition: Fewer investors might mean you snag a better deal.High growth potential: Up-and-coming areas can offer excellent appreciation alongside decent cash flow.Unique opportunities: Discover niche markets with specific tenant needs, like student rentals or corporate relocation hotspots. 

Quote from @Aaron Zimmerman: I would look for other ways to legally reduce income such as cost segregation studies.

If you are looking OOS, we can talk more specifically about Greater Cincinnati as well to see if it is a good fit.

Feel free to DM if you have any specific questions.