Commercial/offices?

Regarding next steps, I agree that the best way to approach this would be to have one person act as boots on the ground and the other person handle the back office related items.

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

It's really important that you work with an experienced loan officer or broker, especially on a time sensitive purchase transaction.

Then, more advanced stuff that those without licenses will have a tough time with: active real estate agents working the area - so i can call them to preview my house - in case they run into potential buyers they know of in their office, Then, I have Listingbook software on my I-phone ( Works with MLS data- by subscription)- that actually knows the number of searches of homes in any given area - so I can blast a promotion of my house to all the agents that have clients looking in the area (not just my subdivision -unless that is what I want), and...for the investor in me: track all the mortgages recorded against the property, so I know how low of an offer I can make - based on the mortgages on the property.

I believe you can deduct the other business expenses (home office, supplies, repairs, maintenance etc) - but the bulk of it (depreciation) is likely passed on to later years.So first house 2021 - I'll assume 250k purchase price and you put roughly 20% or 50k down. 

One of my good subs has 25 employees , There is a girl in his office that makes a bit over minimum wage .

It must either be an owner occupied property (something like a duplex would qualify where you live in one side and rent out the other) or it must be in a commercial/office zone.

We also sent a letter to CA AG Bonta's office. 

Of course a visit to the county records office and -correct reading of the legal description would reveal that the tennis court lot was the one being sold.