Quote from @Jessie Matlock:One of my main questions is, I've been told I'll receive a K1 statement and that my monthly returns will be tax free. 1) Is it true they will be tax free? 

So you are already paying tax on the income.LLC taxed as an S Corp would be different, but I doubt that is your case.

It seems a stretch to pay for the Rig with Section 179.I would have development equipment onboard and dedicate a portion of the space to developmentI could put the companies logo on the side as advertisementGiven this, what tax strategies are actually practical?

You may be able to deduct mortgage interest and property taxes before the property is in service. 

& how you become financially free is by letting whoever your renting to (I'm guessing that was a step also?)

Adding the ex to the title could trigger gift tax implications, so keeping it simple is best.

Typically 75% of rental income can be applied towards your DTI for qualification. 

But a specialist could be helpful if you have unique situations, want to explore advanced strategies, or simply save time.Cost varies - some charge hourly, some a flat fee.I'd recommend checking the tax pro button on top of the page and scheduling a free consultation.

3) Average income was up 4.5% in 2024.

These folks also tend to have all of their income and expenses going through a separate bank account so they just need to look in that one account to get everything organized.Self Managed, High Volume, Not Organized at all - this is the type of people that stress out over tax season.