Buy in markets where you can hope to breakeven on cash flow and win on appreciation. 

After that is done, head over to IRS.gov and apply for your EIN (Tax ID).

I hope you do well. 

A tax professional can help determine if you meet the criteria for deducting expenses in 2024. 

and also like what I do Utilize as STRs: You furnish and list these properties as short-term rentals (STRs) on platforms like Booking.com or Airbnb.Generate Cash Flow: The higher rental income from STRs, compared to long-term rentals, allows you to cover your mortgage/lease payments, generate positive cash flow, and potentially have funds left over for further investments.Positive Cash Flow: STRs often generate higher rental income than long-term rentals, allowing you to cover your costs and potentially profit.Tax Advantages: You can often deduct expenses related to your STR business, such as mortgage interest, property taxes, and maintenance costs.

No benefit tax-wise. 

Circumstance (like tax liens, foreclosure etc. etc.) does not in ANY way imply motivation.

If your friends have a rental they should hire a tax professional. 

Link here.I hope it all works out great for you in the end!

Ready to jump ship on our lender if there's someone else out there that can get us to close by March 16th.Details:Powell County KY 35% down Excellent credit (although we've had two hard pulls recently - by the same lender)Property appraised for 3% over purchase priceAll paperwork (tax info, pay stubs, bank statements, etc.) in a folder on my computer and ready to submitHurdles we've been dealing with:- Unresolved mortgage on previous owner (we've been told it's been resolved)- Small judgement lien against previous owner (<$1000) can not be resolved.