But I prefer texting over phone calls also because its a step back and you can always think about how you will respond before sending.My problem is that some tenants find this texting on their phone too easy, and like to have someone to gripe and complain to. 

@Mitchell Kosek I prefer to invest locally.

I prefer local investments as it allows me to self-manage and avoid management fees.

However I recommend speaking with your accountant/tax advisor before making this determination as this may differ depending on the individual and their objectives. 

Point is, yes, this strategy works and MY place works well for business travelers (individuals) and the occasional medical professional (who--no offense--ALWAYS asks for a discount :).

John, I am transferring over for tax break purposes as I plan to sell this property that has over 250k in equity, can you elaborate on your preferred reasoning behind keeping it on your personal name? 

Long term rentals are tough to cash flow unless I implement a co-living / rent-by-the-room strategy, which I've done before, but I'd prefer to not do again. 

It allows a substantial portion of the asset's cost to be deducted in the first year of service.In 2023, the bonus depreciation rate is 80%.In 2024, it decreases to 60%.In 2025, the rate further reduces to 40%.COST SEGREGATION:Cost segregation involves dividing a property into its individual components for tax purposes.Some parts age faster, like carpets or paint.Your CPA can use this info to more accurately depreciate elements of your property leading to potential tax savings.BASIS:Your basis is the initial price that you paid for your property, including any expenses or improvements.Knowing your basis is crucial for tax purposes, as it's used to evaluate depreciation & determine the capital gains or losses if/when your property sells.LAND VALUE:This is how much your land is worth without any buildings or improvements.Land doesn't get old like buildings, so you can't depreciate it.

There are 7 material participation tests and these are the 3 most common for real estate investors AND you need to meet one of them: Spend more than 500 hours on your rental businessDo substantially everything for the rental businessSpend more than 100 hours on the activity and no one other individual spends more time than you doAnother way to offset non-passive income (e.g.

I have read that Texas usually prefers a warranty deed and looks down upon quitclaim but also that if something between family members that is just a removal it is okay.