Having the opportunity to learn from someone with firsthand knowledge would be immensely beneficial as I prepare to embark on this exciting endeavor.

I want to purchase my first real estate investment piece with house hacking and I want to be as prepared as possible.

Real estate is typically considered an illiquid investment because it takes time to sell the property and receive your capital back out of the fund so investors will need to be prepared for this type of timeline.

Could potentially be finished in a single day with a cooperative phone rep at the IRS, could take longer with an uncooperative one.Unlike normal tax preparation/planning however, form 2848 would require you to seek out someone with the EA or CPA certification specifically since the individual must be licensed to get the power of attorney status.

Similarly, if the property has experienced depreciation due to age or wear and tear, provide evidence of this deterioration.Income and Expense Analysis: Prepare a detailed income and expense analysis to demonstrate the property's financial performance.

You had gains according to your tax return (and as others said, perhaps depreciation recapture or perhaps preparer error or perhaps you don't fully understand your tax return).Your loan has nothing to do with gains.

Love living here as well, big city but has a lot of small town touches, Theme Parkes, historic attractions, military bases, great food, and friendly residents.

Just prepare for when things happen.

@OP - As far as utilities goes, I pay for them and write it off during tax preparation.

Get rid of them ASAP.I'd talk to the city and ask them politely how you are to get rid of the smell from the fridge when it is filled with the tenant's food which is causing the smell.