I bought each of my cabins for income and a long-term store of value.

Forgot to mention, most accountant, myself included, have a secure portal to upload documents, many of the documents come in electronically anyway, so it really is very easy

Neal and Jean-Marc were supposed to secure construction funds.

.: New to REI & BP, and debating my first move.My Background:30, single, no kids, no property, high income, fully remote worker$300K to allocate toward real estate (+ $100K/year after tax)Currently renting in NYC but planning to move back to LA (hometown) in summer 2025 or the following yearTired of paying rent and want to start building equityMy Dilemma:1️⃣ House Hack in NYC – Stay a couple more years here, buy a small multi-family now and offset costs with rental income.

Please consider this if you move forward.Additionally, you need to have a broker on payroll in illinois and three separate bank accounts with the security deposit trust account located in illinois.

And since the S-Corp’s profits pass through to you, you’d still pay personal income tax on the rental income.

You have to report all other types of income to WV besides Wages and Salaries.Therefore, yes, you would report the WV Rental income to WV.

If the LLC and its income are entirely outside California, it typically does not require registration with the California Secretary of State (SOS) or payment of California Franchise Tax Board (FTB) fees, even if you reside in California.

@Tim RogersI believe there are income limits that if you exceed specific income (cannot remember the number) it greatly reduces or zeroes out any deductions from a REPPeople a lot smarter than me can confirm

For example, if you invested $150,000 in a duplex and were able to improve it through renovations, attract higher rents, and increase occupancy rates, the value could appreciate more efficiently compared to a single-family home that doesn’t enjoy those rental income advantages.In essence, the key difference lies in how multifamily properties can appreciate not only through market forces but also through operational improvements.