If they smoke, you'll get fined.

Otherwise, it’s treated as a partnership requiring Form 1065.Get an EIN (Employer Identification Number) from the IRS (free) for tax and banking purposes.Separate personal and business finances by opening an LLC bank account and keeping rental income/expenses distinct.Consider an operating agreement, even if not required by state law, to define ownership and responsibilities.Liability protection: An LLC helps shield personal assets, but you may still need landlord insurance and an umbrella policy to cover lawsuits and unexpected claims.Tax strategy: Rental income typically passes through to your personal return (Schedule E).

Get 3 bids from contractors, get a copy of their insurance etc.- verify the policy is current. 2.

I started out house hacking prior to getting married.

It also helps to show them the amount of interest they can get when they add up 30 years of payments (compared to the sales price). 

It’s a smart way to get eyes on the property without being there yourself.When you’re working with sellers, what’s been the most effective way for you to establish trust remotely?

I turn the tables on the wholesaler calls.. if i can get past the telemarketer and get to the owner I then explain to the owner how I can fund deals for them..

Very easy to get pulled into a bad property or an area you’re not comfortable with by listening to the wrong people.

Here you will get a vast array of perspectives.

Hoping to get an abatement.