Hi Frank,I, like many on this forum would say that if you're looking at getting into a new venture just for the tax advantages it might bring, it's normally not a good idea to factor that into consideration.

Are there any legal and logistical considerations I need to be aware of in this situation?

There is a special way to report it to get the deduction while not triggering a computerized notice from the IRS disallowing the deduction.

Hello all, I am currently interested in finally pulling the trigger and getting into my first property towards my RE portfolio.

@Ceasar Blackman - I have gotten quotes from postcardmania and they were considerably hire than other providers.

If not, you could take title as an individual and later transfer to an LLC (you might trigger some due on sale and/or transfer tax, so get legal representation on that).If LLC is not possible, I've used Revocable Living Trusts many times. 

And personally I cannot pull the trigger on a turnkey operator.

If you don't want opinions that conflict with your level of understanding, maybe think about getting into a different line of work where you won't be so triggered and upset?

its just everything else real estate related I bet 20% of so called investors buy 80% of the props.. the rest are dreamers or afraid to pull the trigger are supreme time wasters. and or the number crunchers who rely on some spread sheet to determine their returns etc etc.

Before I pull the trigger has anyone used any of these companies and if not do you have any suggestions or recommendations on getting some help on making sure this done correctly or can recommend someone that can help me.