Here are additional comments:1) Buying out of state removes any local knowledge you have from assisting in your success, including knowing areas, people and costs. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Can you share some additional numbers about the investment property you're looking to buy?

With one successful flip under my belt, I'm eager to connect with fellow investors and expand my knowledge and network in this vibrant real estate market.In addition to my passion for real estate, I’m also a skilled electrician.

That is an additional savings. 4.

Additionally, we have equity of approximately $145,000.Now, we are faced with a dilemma: should we sell our current property and purchase in a more favorable neighborhood, or should we rent the house and let it pay for itself.We would greatly appreciate any advice you may have.

However, note that claiming additional depreciation will increase, not decrease, depreciation recapture tax (up to 25%) when you sell.Key Considerations (Updated for 2025):1.

Additionally, a CPA can maximize child tax credits, rental property depreciation, and ensure compliance with reporting requirements for their 1099 income.

You don’t get to just expense the additional real expenses.

In addition to the interest of the loan, you'd also be paying this as well. 

We also allow users to amend a post at any time with additional information by replying to that post again, just like what happened here.We have no plans to change how the forums work as it pertains to the deletion of posts.