Review Form 1065 yourself and decide whether you want to tackle it.The real dilemma here is that hiring a tax pro will definitely cost you, while it is unlikely to save you much (if anything).Michael nailed it on CA compliance for LLCs.

.-- But the real nail in the coffin could come in the Colorado legislature which is considering reclassifying STRs as commercial property for property tax purposes.

If you nail your first 1-3 flips, your trajectory is SIGNIFICANTLY different than someone who stumbles on one or more of their first 1-3, like us.This is certainly not meant to take anything away from those who succeed. 

It’s all about those margins, so once you get that walk-through done, focus on nailing down your numbers for rehab.

., Joey was using a nail gun on the kitchen subfloor.

@Patrik KusekYou hit the nail on the head...

Is in there, but a great thing you can do now is get your "core 4" figured out - agent/lender/manager/contractor - obviously you can adjust this and do one of the pieces yourself (self-manage for example) or don't need a contractor if you do only turnkey etc but getting this nailed down early is key

@Christopher MorrisYou hit the nail on the head.The “retire on real estate cash flow” gurus sell the dream of quick retirement from cash flow.Buy two houses a year that each cash flow $1000 a month and retire in 5 years, they preach.Or invest passively in real estate syndications and financial freedom will soon be yours, they promise.What they don’t tell you is:In order to owner enough real estate to generate say $10,000 a month income let’s say, you need at least $2M of capital invested in YES cash flowing real estate.Let’s say one could buy rental real estate that provides a 6% annual cash on cash return.

@James Wise Nailed it.

I am definitely juggling a lot, laying the foundation to eventual financial freedom is fighting tooth and nail for every inch.