I'm a full-time agent/investor here and have lots of experience on both ends.

Money is not your only resource, so is time and energy.

Things will go wrong every time, so it's good to add in a 10%-20% contingency line on your budget that covers those unforeseen events.

Photos of the tree show it has been dead for some time, not hard to tell.the tree fell from the neighbors yard through the fence.

You will be able to use those disallowed passive losses: -Against other passive income -If this rental has net income in a later year these disallowed losses will offset that income-When you sell a rental those carried over disallowed losses offset the gains on sale Other situations you hear about where people CAN use the rental losses to reduce W2 income are where the rentals qualify to be Non-Passive This typically happens in the following two situations: Real Estate Professional Status- A taxpayer or their spouse spends at least 750 during the year on real estate- and more time on it than anything else.

I went full time into real estate in 2023.

It is a full time job and not worth it unless seen as your main focus in my opinion.

Patch holes, sand rough spots, and use quality paint for a long-lasting finish.Step 43: Fixtures & Finishing DetailsNow for the small details that make a big impact:Lighting: Install recessed lights, pendant fixtures, or ceiling fans that complement the home’s style.Hardware & Accessories: Swap out doorknobs, towel bars, and mirrors for a fresh look.Safety Essentials: Install smoke detectors, GFCI outlets, and other safety features to ensure the home is functional and up to code.Step 48: Final Cleaning & Make-ReadyWith everything in place, it’s time for a deep clean:Exterior: Pressure wash the driveway, sidewalks, and any outdoor surfaces.Interior: Clean windows, floors, and countertops until everything sparkles.And that’s it—you’ve officially completed a full rehab!

Like Michael mentioned if you are just reporting on schedule E/C on your personal return- a balance sheet isn't required; so full double entry software isn't required (but still helps). 

I am currently living out of state so I have hired a property management company to handle this task, however, my home is still sitting vacant with very few prospective tenants.