Some IRS agents may still require filing Form 1065 for 2024, so be prepared to file for this year before transitioning in future years.For Question #3 on Form 8832, you are correct that it asks whether the entity has more than one owner.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $145,000

Cash invested: $15,000

Sale price: $180,000

2017, I tackled my first fix-and-flip—a 2004 double-wide m...

WARNING: if you do not prepare for this, you can enter a death spiral: deteriorating properties lead to lower rents, worse tenants, more wear and tear, even less cash flow to fund repairs and ultimately erode asset value.I do not mean to rain on your parade, hopefully, this is a helpful long term perspective. 

Also, there’s much to delve into on of those scenarios, like what type of cashflow or investment do you want, etc. residential, multi-res, small multi-res, commercial, industrial, etc.There seems to be fewer deals around these days and this typically benefits the more experienced and skilled investors but there are always multiple investors that get “tripped-up” in these markets due to them relying on recent “fortunate” market circumstances only to realize the markets cycle and they weren’t prepared or didn’t underwrite properly to account for unforeseen potential.There are more considerations, but this is a start.

I’m committed to keeping my options open and continuing to learn about being a landlord to ensure I’m well-prepared for my first purchase.To improve my ability to analyze deals, I’ve developed a two-part plan:Join a local BP meet-up group to discuss my goals and support others.Continue learning and engaging with the BP forum.Thank you again for your guidance—it’s truly appreciated!

He used https://www.dealmachine.com/ interesting we are researching different sites right now and are testing propertyradar.

The replacements often lack the experience.If you're looking for tax preparation only, without tax advice, then the worst times to look for a CPA are March-April and August-October.

And yes hurricanes are not that common but I should be prepared@Stetson Miller good point about finding a good HOA.

. - Be prepared to pay for a PMC's time!

A duplex is more flexible as you will have privacy on your side and can test out any strategy with the other unit ( LTR, MTR, STR, rent by the room).