Thank you for the clarification @Chris Soignier  Would an official appraisal need to be done to create the higher basis after the rehab?

I bought my current home a couple years ago with the intent of buying and holding for rental income. I just signed the lease with my first tenants and I am moving. The rough numbers on the house: I carry a mortgage of...

I'm wondering if anyone could refer me to a investor friendly tax expert in the Newark NJ area or surrounding locations this would be officially my first time filling my own taxes and I have no idea on how to pursue this matter.Thanks BP!

We have been very detailed in running the numbers and have been learning the ins and outs over the last 6+ months to ensure this investment is a wise one and now are excited to officially get started!

After all the ups and downs today I'm officially a landlord........ let the fun begin eh?  

You can see that it usually bounces around or stays near the bottom for a while, then starts increasing consistently, resulting in a recession - then we "find out" (officially) we are/were in a recession 9-15 months later.

This could involve some out of state travel to drive the areas, meet with people, etc.Personally, we don't have an official business plan (we only have one rental now) but we do have a few spreadsheets that line out our goals, rentals, etc. 

In the County, you are not required to officially notify the the tenant of their eviction date (although you probably should).

I need additional input as we move closer, closer and closer to officially starting all of our rehabs.

My plan is to make this an official business and do it full time, probably 5 or 6 houses per year to start, maybe more maybe less.