If they work independently, set their schedule, and use their resources, they might qualify as a 1099 contractor, but misclassification risks IRS penalties.Wages for W-2 employees and payments to 1099 contractors are both deductible business expenses, but compliance is key.This post does not create a CPA-Client relationship.

When it comes to experience I have facilitated my fair share of successful projects, however the point still remains that I did not complete those deals completely independently.

The unfortunate reality is that the BRRRR book made a lot of sense when it was published, but with the high rates now, BRRRR is much harder to accomplish.

Companies like State Farm, Allstate, or Chubb often come up in conversations, but comparing quotes with independent brokers might give you the best value.Since you're in a general partnership, it”s critical to clearly define liability exposure.

If you decide to revisit STRs, you might want to explore properties where you can project expenses independently, such as using local STR forums or online tools to estimate maintenance, management, and occupancy costs.For networking and strategy-building, you might find local meetups or groups beneficial.

Most of the work will be following up with warm leads already.)When you say you’re taking a job, will you be an employee on salary + commission or an independent commission only “contractor”.  

Purchase price: $2,800,000 Cash invested: $560,000 The property is a three-story multi-family residential building with six independent units, initially facing significant challenges due to poor conditions.Renovation Investment Summary:- **Structural Repairs:** $250,000- **Kitchen Modernization:** $100,000- **Bathroom Updates:** $50,000- **Exterior Improvements:** $100,000- **Holding Costs:** $50,000- **Property Taxes:** $30,000- **Insurance Costs:** $10,000- **Management Services:** $10,000

@Chris Kay - Bigger Pockets has an older book now called "Estimating Rehab Costs" that was published prior the pandemic.

Quote from @Alexandra Helms: @Dziko ThundeHere is a video published by a local agent (though I believe he actually moved out of the area) a couple of years ago that you might find helpful - "https://youtu.be/LPNIl_vLkWc?

It was published 2015.