Both partners should consult a CPA to evaluate potential savings and optimize their tax strategy.This post does not create a CPA-Client relationship.

If you expand your rental business in the future, an LLC may be worth considering, but for now, keeping good records and securing appropriate insurance should provide adequate protectionThis post does not create a CPA-Client relationship.

I do engagement marketing in a trades focused field lending me to having very good relationships with tradespeople whom I consider friends- and I trust thoroughly.

It’s not just awkward—it can jeopardize trust, relationships, and, ultimately, the deal itself.Here’s how we ensure success:1️⃣ Weekly Syncs: Regular team check-ins to align on progress and updates.2️⃣ Shared Systems: Use tools like Slack or Asana for real-time collaboration.3️⃣ Transparency is Key: If you don’t know, say so.

However, purchasing the replacement property from an estate where your mother-in-law is the executor and other heirs are your wife's aunts and cousins raises potential related-party concerns under Section 1031(f).The IRS generally prohibits 1031 exchanges between related parties unless both the buyer and seller hold their respective properties for at least two years after the exchange.To stay compliant and avoid disqualification, ensure:The estate sells the property directly before any distributions to heirs.You hold the replacement property for at least two years.The transaction is conducted at fair market value with no prearranged agreements.Given the IRS scrutiny of related-party 1031 exchanges, consult a qualified CPA or 1031 exchange accommodator to structure the deal properly and avoid potential capital gains tax liabilities.This post does not create a CPA-Client relationship.

Additionally, forming a new LLC may require obtaining a new EIN and business bank account.This post does not create a CPA-Client relationship.

-Kwanza  I believe the biggest lesson I learned is that you should manage the property manager, particularly at the start of the relationship.

Consulting a tax professional before making use changes can help maximize deductions while staying compliant.This post does not create a CPA-Client relationship.

Relationships are key -this off-market deal was found through a longtime realtor friend and my last seller financed deal was through a landlord/client I worked with for several years. 

It may be beneficial to defer implementing the cost seg if you are anticipating your rental classification may change.Consult a tax professional to tailor the strategy based on your long-term investment and income goals.This post does not create a CPA-Client relationship.