The intricacies tax planning with a rental are worth hiring a professional, even if you just do it once for an overview. 

However, the tax treatment differs between short-term and long-term rentals:Short-Term Rentals (STRs): If you materially participate (work 100+ hours and more than anyone else on the property), you may be able to offset rental deductions against W-2 or other active income, offering greater tax benefits.Long-Term Rentals (LTRs): If your AGI exceeds $100K, your rental losses may be limited, unless you qualify as a Real Estate Professional (REPS).If you plan to expand your rental portfolio, consider an LLC later for liability protection and easier management.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Readers should seek professional advice.

Pending Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If they didn’t, then they’re simply not being professional.

Most professionals will recommend a separate LLC for every $1 million in assets, but I don't think that's necessary.

Ask lots of questions and you will receive great insight from professionals!

Readers should seek professional advice.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?