Have 2+ building lots close drive to beach. Question whether we should sell lots or build and rent out/rent to own? Could build smaller homes for empty nesters/millennials or average 3/2 homes for families.Numbers ar...

I found this website: https://www.irs.gov/businesses/small-businesses-se...I don't operate a business, and can answer "no" to all the questions, but the last one seems a little vague by asking if I'm "involved" with an IRA.Would you (or anyone!)

@Ryan Kelly 2/3 of my borrowers are SE (self employed).

How do I objectively evaluate this investment if I'm living in the front and not paying "rent" per se, rather just covering the rest of the mortgage. 

What is your SE income ? 

Hey guys(girls)Let me start with a little background>Im 23>Live in SE Wisconsin >Dropped out of College in 2015 because wasn’t sure my direction>4 yrs working full time for family owned HVAC business (730-430 M-F) -HIGHLY Interested in real estate and land development for 2-3 years>Last year bought 2, 2-fam lots -Built/sold 2, 2 fam condos -Gained capital that I want to reinvest>Just closed on my 3rd duplex lot going to begin building in May>Just purchased my first rental property:(Hartford Wi duplex) -Trying to diversify portfolio -Paid 200k 10% down -Rents 850 per side (thinking about upping rents, also want to incorporate a BRRR process)This is currently where I’m at^.

Hey guys(girls)Let me start with a little background>Im 23>Live in SE Wisconsin >Dropped out of College in 2015 because wasn’t sure my direction>4 yrs working full time for family owned HVAC business (730-430 M-F) -HIGHLY Interested in real estate and land development for 2-3 years>Last year bought 2, 2-fam lots -Built/sold 2, 2 fam condos -Gained capital that I want to reinvest>Just closed on my 3rd duplex lot going to begin building in May>Just purchased my first rental property:(Hartford Wi duplex) -Trying to diversify portfolio -Paid 200k 10% down -Rents 850 per side (thinking about upping rents, also want to incorporate a BRRR process)This is currently where I’m at^.

Evening BP, Time for us procrastinators to start doing our taxes ! I have tried to reach out to several CPA'S and of course are all booked to take me on. So will probably stick to using Turbo Tax like ive done several...

My view is different now, with the exception that I think if you have a great W-2 job it's a valuable "asset" and you should keep at it, not try to make the leap (per se) to financial independence or a full-time real estate career until the risk is mitigated "somewhat". 

When allowable, a partner's unreimbursed business expenses should also be included as expenses on his or her Schedule SE, reducing the partner's net self-employment income.