Renovated basement recently to prepare to rent out.

I’m curious about how much time you all spend prepping for tax season before your CPA (or tax preparer) officially files your returns?

Let's say you spent a month on the initial preparation: cleaning, painting, shopping for furnishings, assembling IKEA furniture and so on.

I wasn’t prepared to lose so much of my savings as carrying cost basically I paid for the tenants to live there for 3 months + my own living expenses in that time.

Good luck with all your future REI ventures!

The sooner you start these conversations, the better prepared you'll be when the right deal comes along.Local professionals can also be an invaluable resource.

I would get an attorney or title company involved to create your loan documents to ensure they comply with the law and cover all the aspects you need.Another method that is likely your best bet to take on investors is to create a joint venture (JV).

Confirm that the IRA LLC provider will prepare all of the documents needed to not only form the LLC (articles of organization, SS-4 to obtain an EIN) but also the documents needed by the trust company to process the investment of IRA funds in the LLC.3.

I'm trying to prepare incase this is true.

Show up prepared, ask thoughtful questions, and take detailed notes.