Following - I'm based in California

You are missing the following:  capital improvements, working capital, closing costs, pre-payments, and anything else you will need to pay in advance.You are missing several income and expense lines. 

Following - I'm based in California

You can usually use bonus depreciation against the asset assuming it will follow the short term rental loophole rules of 7 days or less average stays. 

I've been following Richard for 3 months now and I decided to take my chance and join his mentorship because he really speaks to me and my husband.

Start-up costs are also deductible but are amortized over 15 years with a limit of 5k.Start-up costs have strict rules and your case might not be the same as this one.Case Summary:Timeline line of eventsStarted investigating property: FebPut first contract (canceled): MayBought first property: December 30thWhether a taxpayer is engaged in a trade or business is determined using a facts and circumstances test under which courts have focused on the following three factors that indicate the existence of a trade or business:Whether the taxpayer undertook the activity intending to earn a profit;Whether the taxpayer is regularly and actively involved in the activity; andWhether the taxpayer's activity has actually commenced.On the basis investor testimony, we may assume that he undertook this activity to make a profit and that he regularly and actively engaged in it.

It's important to know and follow the law.

steve do we need to have a meeting I cant remember if we followed up or not ?? 

These issues have been exacerbated by new regulations following the tragic Surfside condo collapse.Legislative Changes:Recent legislation in Florida, such as Senate Bill 4D, has introduced stringent requirements for condominium associations.

Bigger Pockets is a great place for education and networking and is full of great content.I recommend that you check out the following resources:1.