My mistake for not inspecting the property beforehand. Paid 12800.based on google mapsThe property is a mess. Need to clean the junk out of house .. hoarder . Bathroom and kitchen need redone. Large tree in back is de...

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

After depreciation you probably got that return almost 100% tax free.

(Btw I can’t believe anyone would give that tacky designer wearing clown their hard earned money) Clearly incompetent like every other Rad employee. 

Forming an LLC for your rental property can offer liability protection, but no real tax benefit.

After five years, you'll earn $120,000 in rent income and $136,000 in appreciation.

What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself?

I find that it's almost a one stop shop in that I can use it for my business checking and savings accounts, bookkeeping, for rent collection, I can issue virtual credit card, I can create all the financial reports I need to run my real estate business and prepare for tax filing and through their partners I can vet my tenants, develop state-specific leases and more.

Real estate has so many tax benefits and credits available, that I always tell people it's crucial to have a CPA that's extremely knowledgeable in this area.

Hi Steve, where did you get your property tax estimate from?