Here are some key takeaways from our experience flipping homes and running a renovation business in San Diego.1.

You have to complete Schedule E if you have rentals.You should check if the turbo tax premier version allows the filing of Schedule E.With that said, using a software like Turbo Tax will assume you to understand what is deductible.If you work with a tax professional, you are more likely to have an accurate return.

Also check into bylaws to see if you are allows a second freestanding dwelling on your property.

If you took DIY possession, was it legally allowed because the property was abandoned, or was it illegally obtained and doesn't mean anything when it comes time to file a quiet title lawsuit.If legally abandoned, that means the owner is gone, has no intention of coming back and no intention of ever doing anything with the property.

I use quicken for personal and WAVE for my businesses.  

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

I'm having a hard time trying to find a bank that I can open a business account with online.

Still, you may not have to submit your tax returns. more info would be needed to know for sure, reach out to a seasoned loan officer for pre-approval and see if your situation would allow for this. 

The insurance company will send you copy of the tenant declaration page proving coverage, and they will notify you if the tenant ever cancels the policy or allows it to lapse.HOW TO SHARE UTILITIES 101You have a property with two or more units and the utility meters are shared.

Almost any business you look at has its own gurus and scammers.