Even if I am to not be taking home the lion's share of initial deals, I'd like to still be building some capital for future dealings.

I’m now in a position where I'm thinking about a bigger future full of deeper and more meaningful relationships.

They may be a great resource for you to start building connections. 

I’ve built strong relationships with local agents and other investors in the Hamptons, which helped me discover this off-market property.

If real estate is involved, separating it into its own LLC before the sale can simplify the process and make it easier to leverage a 1031 exchange.This post does not create a CPA-Client relationship.

Remember you are exempt from excise franchise tax if you file an exempt form.This post does not create a CPA-Client relationship.

Understand entity structuring and what is best for you, especially if you are going to do flips.This post does not create a CPA-Client relationship.

Reporting begins when it's placed in service, not when it’s first rented.This post does not create a CPA-Client relationship.

.✅ Building strong relationships and partnerships.✅ Exploring creative ways to get deals done, even without a ton of upfront capital.I know that success in real estate is a team sport.

For a rental property, the gain is subject to capital gains tax (15-20%) and depreciation recapture tax (up to 25%) on any depreciation claimed, unless the proceeds are reinvested.To minimize taxes, consider reinvesting the sale and insurance proceeds into another property under §1033 or converting the property to a rental before selling to claim depreciation deductions.This post does not create a CPA-Client relationship.