The Initial Filing:Any existing business not excluded must begin to file in 2024 via the FinCen network filing process.

It can be a long process over time with multiple dynamics you have to be on top of consistently.

This allows you to report the rental income and expenses directly on Schedule E of your joint tax return, simplifying your tax filing process.

If you are taking out a conventional mortgage of any kind, you can't buy in the LLC as it does not have two years of tax returns.You are also asking if an entire state is good to buy multifamily, which means you are too soon in the process to even talk about buying.

That being said, I had to translate a lot of documents on my own for the loan process, so there was more effort involved.

They do this on purpose so new people get tripped up in the process and quit.

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provide support for the property tax appeals process.

Im currently in the process of getting it rolled into an actual mortgage since these are rentals.

Quote from @James Boreno: One of my SFH caught on fire and I'm in the process of selling it to a contractor.

Purchase price: $125,000 Cash invested: $120,000 First try at turning a single family home into a duplex while going through the permit process for the first time.