Well, three top reasons come to mind:It will allow you to deduct their earnings on your own tax return.It is required by law for any person to whom you paid at least $600 in 2023, total.

I’ve invested with both wellings and sunrise   Wellings invests in other peoples funds   They do the due diligence on various operators and invest in only the best ones. 

If you want to defer taxes, a 1031 exchange allows reinvestment into another investment property, but the replacement property must be held for investment purposes.

@Ivan Castanon I am in the Tampa area as well!!!  

We have owned rentals in the past as well. 

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

Looking for ways to expand my network as well as possible job opportunities. 

Simplify the structure as much as possible, have clear roles and responsibilities that are not overlapping (meaning only one person is allowed to make certain decisions) and a clearly defined exit plan.

They have to allow them in to inspect to make sure things are copacetic.

Friendship and business don’t always mix well, so it’s critical to use a solid lease and treat this as a business arrangement.