W-2, 1099, etc.) with passive income/loss from rentals is to meet the IRS requirements for Real Estate Professional Status or REPS (this also requires material participation in addition to specific requirements to be considered a REPS).Once you have clarity on whether or not you can offset non-passive income with rental losses you can then explore cost seg to accelerate depreciation (and some of the accelerated depreciation from cost seg will impact year 1)...

I'm glad to connect further with additional details if you are interested.

I have a traveling nurse ready to rent  it “as is” too as an option. 4bed 2bath with 2 additional rooms needing egress in the basement. $115k 

As of last week, our partner has given us $44,000 and additionally we have paid about $49,300 into this project.

I was suggesting that someone take out the 30k down payment, and 50k additional out of pocket money spent on repairs, for a total of 80k. 

Do you frequently require subcontract and vendor engagement (lawn care, snow removal, building maintenance, management company etc.) and if so, do you sign contracts and require that you are listed  as additional insured on their insurance policies? 

My recommendation would be to partner with Realtor for referrals so you can spend your time on what you do best.Either way, with your criteria being so specific, you'll likely end up with quality leads and an additional income source!

In 2018, after four years of no reports and membership payments, Vantage IRA sent him a 1099 notice saying that they had distributed the full amount last reported in 2014.Additionally, my friend filed a chapter 11 bankruptcy July of 2014, shortly before his arrest.With this being said, my friend never received the disbursement, Vantage IRA is still the member of the 7 LLC's contained within the account, and the LLC's were never closed.

For example, if I wrote off $20,000 of deductible expenses for my property in my personal return and my effective federal tax rate was 25%, then I would expect the see an additional $5,000 (25%) included in my tax rebate for that year.

@Yoana Yordanovagot it - thanks for the additional information.