Quote from @Dmytro Shcherbitskyi: Hi everyone, I’m planning to syndicate my first real estate deal and would love some guidance. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

I’m trying to keep things moving, but this $20K requirement is throwing a wrench in my plans.

Simplify the structure as much as possible, have clear roles and responsibilities that are not overlapping (meaning only one person is allowed to make certain decisions) and a clearly defined exit plan.

I plan on converting the barn into another sleeping space and indoor/outdoor rec room.

I plan to do some of the work myself.

It’s a small single-family home in Florida that I plan to BRRRR.

Where do you plan to find your deals?

I just bought my first rental property in Baltimore, MD, and I’m planning to rent it out by the room, including the basement.

Assets identified in this study include:Standard windows and doorsInterior ceilings and wallsBasic plumbing and electrical systemsBuilding structural elementsBasic HVAC componentsThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.