Are there any specific (out of the ordinary) things I should be cautious/aware of?

Another accountant said it’s ordinary income subject to SE tax since we’re a partnership LLC.

After 21 years of living in the United States, I have finally found the American dream that everyone kept talking about.

Also, if your AGI is below a certain threshold, you can offset 25k against ordinary income.

Hey Scott, any expenses that are ordinary and necessary to business activity can be expensed.

It harms American citizens and puts law-abiding small businesses at a disadvantage.

They also require less time compared to owning a rental outright.The reasons that I don't like REIT's as you mentioned in your post is that they are not efficient from a tax standpoint.From my understanding, REITS pay ordinary dividends and not qualified dividends.

For your 2023 taxes, you can deduct ordinary and necessary expenses, even if the property was mostly vacant.You can deduct the full travel expenses of ~$2,000, while meals are only 50% deductible, so claim $250 for meals.

You can expect to pay $150 - $300 per square foot, which is what it would cost to build an ordinary home.

I see the rentals as wealth building and flipping/development as a job (with ordinary tax structure).