Hi @Justin Bush Welcome to bigger pockets!

However, as W2 earners, these losses are considered passive and can only offset passive income unless you or your spouse qualify as a Real Estate Professional (REPS) by meeting the 750-hour and material participation requirements or STR is used.

Hi Ashley,Welcome to bigger pockets!

With enough knowledge you can make a educated decision on which approach you take.My experience:I personally don't sign up for any program who take you aside during events and try to sell packages that is just blatant sales strategy.Once you sign up there is every attempt to make you sign for their programs for bookkeeping, registered agent, LLC or corp setup fee which have ridiculous even with platinum membership.Basic standard structure they suggest to take advantage of multiple deductions can be easily achieved by proper education or work with a good firm like https://wcginc.com  who is local to you.A umbrella C-crop to manage all other LLC properties and take advantage of many tax deductions that are not available with a llc, its also used to take losses up to 100K as startup expenses and dissolve the entity after few years.Few LLC entities for investing in Real Estate, etc preferably in Wyoming or Nevada ( you can find many companies online who can do this for $150 compared to anderson $1500-$3000) , they will claim they have a secret Operating agreement which is bogus.They certainly try to take advantage of tax loopholes and claim to be smart people, my view they are just taking advantage of numbers as per their own statements.

You should fire them right away and talk to an attorney to prevent the loss, but I wouldn't expect much and it could be a waste since a company that does this will not have the money to do anything.When you have just one unit and you are looking for PM companies, your options are the bottom of the barrel because it's not a good use of the big one's time.

@Hitanshu ShahDon’t expect to recover losses—it’s usually not worth the time or cost.

Listening to one bigger pockets episode or a good book here and there really can be a good reminder, refresher on the financial journey.

Construction could take a year, with permits stretching up to 15 months, a timeline that’s still attractive given the return potential.For developers seeking even bigger returns, a lot split project might be the way to go.

(The Black Friday sale on the Bigger Pockets bookstore was where I did my own Christmas shopping so my family knew what to ‘buy’ for me!).

Ive been watching bigger pockets for about a year now.