This should include potential rental income, expenses (including property taxes, insurance, maintenance, and potential vacancy), and your expected return on investment. 

Can anyone recommend software which would accept monthly payments (from me to seller) and create proper 1099 forms for tax purposes at year end? 

I’m talking about getting thorough with expense estimates, factoring in property taxes, insurance, and a cushion for maintenance.

For example, I have two STR high-income earners (making 140k & 150k) in Joshua Tree for sale with low expenses, where the sellers will stay on to manage it.Making sure you are keeping as much as possible from the tax man is a huge component and to do so you usually have to invest it.

I’m told taxes and insurance is lot and will rise each year and cash flow is hard to come by.

Whether we agree with these items or not, the following are inflationary government policies: stimulus, student debt relief, tariffs, increased child tax credits, limited immigration, and big government deficit spending.

Purchase price: $2,800,000 Cash invested: $560,000 The property is a three-story multi-family residential building with six independent units, initially facing significant challenges due to poor conditions.Renovation Investment Summary:- **Structural Repairs:** $250,000- **Kitchen Modernization:** $100,000- **Bathroom Updates:** $50,000- **Exterior Improvements:** $100,000- **Holding Costs:** $50,000- **Property Taxes:** $30,000- **Insurance Costs:** $10,000- **Management Services:** $10,000

When I arrived for the final time I had found out no work outside the frame of that picture was completed.

Have you never filed taxes before?

I haven’t made any profit yet and I’m wondering if I should still file taxes for my “business “.