Here are some considerations for commercial real estate:Higher Income Potential: Commercial properties often generate higher rental income compared to residential properties, especially in prime locations.Longer Leases: Commercial leases tend to be longer (5-10 years or more), providing more stable cash flow and less frequent turnover.Tenant Diversity: Depending on the property type, you can diversify your tenant base, spreading risk across multiple businesses or corporations.Market Dynamics: Commercial real estate can be more sensitive to economic cycles and local market conditions, requiring a deeper understanding of business trends and tenant industries.Purchasing: Generally, commercial real estate will require 20% down.Choosing Between the Two:When deciding between commercial and residential real estate, consider these factors:Investment Goals: Are you looking for steady rental income, long-term appreciation, or both?

It is truly the best way to build generational wealth so props to you for taking the first steps.

Buildium has this statement, hopefully your PMC knows how to generate it.You should be able to give your tax professional the 1099 and annual statement, along with property tax, insurance, etc. bills you personally paid and that's it.I think Buildium even allows the annual statement to be sent in CSV format, so you could just add the expenses you paid to that.

As others have said, it may make more sense to use FHA on a quadplex as you have more units to try and generate income with.

Please DM me if you would like to chat on our current projects  in those areas including market conditions, leads and lead generation.   

Great energy with this group.

These platforms can integrate with your bank accounts, track income and expenses, and generate reports, simplifying your record-keeping.Regular Financial Reviews: Schedule monthly or quarterly reviews of your finances to ensure everything is in order.

The 50% rule states that approximately 50% of EGI will typically be consumed by operating expenses.While the 50% rule provides a quick estimate, actual expenses can vary widely depending on the property type, location, age, condition, tenant mix, and market conditions.Here's an example: if a property generates $200,000 in EGI per year, the 50% rule suggests $100,000 would go towards operating expenses like taxes, insurance, utilities, and property management.

@Marlia Stone The advice to get the first unit running and rented to generate some money is spot on.

My idea was to establish myself with some paid-off, cash flowing properties to make leveraging them for more investments a lot easier.I'd like to flip some houses to generate some cash, but  even knowing what I know I'm struggling to see how to make money doing so.