In Texas, there’s no state income tax on rental income, but LLCs have formation and annual fees.This post does not create a CPA-Client relationship.

If you see someone violating the rules, create a post with "@moderators" and we will receive a notification and respond.Again, welcome to BiggerPockets and happy investing!

I plan to pull a standard lease agreement from the Florida Supreme Court website and review it with her next week.I have received a new job opportunity where I will be making an extra 40k annually and must move out of my home quicker than I initially expected.

@Josh Dickson If your brother earns $700K annually, real estate investing can significantly reduce his taxable income.

If you do it all above board, you would pay taxes on the rental income received and your daughter would be using post-tax dollars to pay rent which isn't the most efficient.

And although I'm grateful to have found another lender to get it done, it cost me more money in points, a higher interest rate because of the current rate was higher than previous, and I had to buy another appraisal for $750.The response I received from one of the founders of the company states: "We are not able to refund any amounts at this time as the time of quality control has passed....

The PM company needs that information to complete your annual 1099 and their 1096 to report the gross rental revenues received on your behalf.  

If your IRA receives an equity portion of profits from the business, it will likely have tax liability via UBIT that would be detrimental.Owning income producing real estate or interest from lending are passive activities not subject to UBIT. 

We successfully set up the co-hosting on Airbnb where I receive the agreed upon 18% + the cleaning fee.

With the proceeds we later purchased two properties the same month, one with FHA loan 5% down and received a closing credit of $8k plus a $2k check made out to us after closing.