If you plan to expand your portfolio, forming an LLC can simplify liability protection and operations for multiple properties.Consult a CPA or legal professional to confirm your tax obligations and evaluate whether an LLC or umbrella insurance aligns best with your investment goals and risk tolerance.This post does not create a CPA-Client relationship.

Readers should seek professional advice. 

Additionally, the study must be completed by “qualified individuals” and “professional firms” that are competent in construction, design, auditing and estimation procedures for building construction.So while a specific methodology isn’t required by the IRS, taxpayers must ensure that their depreciation deductions and classifications of property are substantiated with supporting evidence.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I imagine it can be tricky without face-to-face interaction, but it sounds like you’ve got a solid approach.Honestly, I don't have a process for establishing trust with sellers other than being polite and professional.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Readers should seek professional advice.

Hospitable).

However, you can defer taxes under §1033 involuntary conversion if you elect to reinvest the proceeds into a similar rental property within two years (three years if the government condemns the property or threatens to do so, and four years for a principal residence in a federally declared disaster area).To reduce taxable gain, consider:Electing §1033 treatment and reinvesting the full $300K into a new rental property to defer taxes completely.Partial reinvestment, where only the portion not reinvested is taxable.Properly documenting all replacement costs and property details to ensure IRS compliance.Using cost segregation on the new property to accelerate depreciation and offset future taxable income.Since the §1033 election must be made, consult a tax professional to ensure compliance and maximize deferral benefits.This post does not create a CPA-Client relationship.

Get some professional photos.