Stay informed: Attend Real Estate Seminars/Webinars: Constant learning from professionals and market experts ensures you stay ahead.

Readers should seek professional advice.

Reminder:Ground improvements qualify for bonus depreciation.This includes various landscaping.Roads and external parking areas.Sidewalks and pathways.Fences.Utility systems (including the installation or improvements to water, sewage, drainage, and electrical systems).Outdoor lighting.Rec facilities (like playgrounds, sports courts, and swimming pools).And more.It's a big category for depreciation/bonus depreciation that we love.

A qualified professional appraiser will generate a comprehensive analysis considering factors such as sales comparisons, highest and best use, market conditions, and income generated following Uniform Standards of Professional Appraisal Practice guidelines.

For many of you who are chasing what Stuart is saying, you are probably better suited to be an LP in a professionals syndication (being careful to vet them of course), than to set out to become the GP.

Engage professionals to inspect major components such as the roof, plumbing (including sewer lines), foundation, drainage, electrical systems, HVAC, chillers, boilers, termites, exterior walls, balconies, stairs, rails, and concrete.

Example of overcharges included* $300 for cleaning windows and cabinets after entire house was professionally cleaned* $80 to replace HVAC filter after entire HVAC system was replaced* $700 for a small list of punch items - 2 door stops, raking backyard, removing satellite dish in backyard and trimming bushesAfter terminating relationship, owner decided to send a termination charge for $450 (contract does stipulate it) - even though the company has not done squat and never placed a tenant and already charged so called 'set up' fee of $300..

Also, would you suggest using professional firms to do the hiring process or should I do on my own to save money?

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

Network with active investors or seek representation from service professionals where fees aren’t tied to the completion  of transactions.