Cost segs unlock these savings, but the losses won't offset your ordinary income from your job unless you are an RE Pro.Here's how to think about RE Pro status to make the best case with your CPA and the IRS:RE Pro Status starts with the IRS definition of a Real Estate Professional (IRS Pub 925).It is not as simple as getting a real estate license or working for a firm that provides real estate services.Ask yourself these questions to see if you qualify:Q1: Are you in the right business?

I own and operate a property management firm in Chicago. 

We leverage Airdna and Airbtics data and I personally recomend looking at every data source humanly possible and plugging in your best estimates for conservative, ok, good, and best as well as your best possible estimates for expenses in order to really get a firm grasp of the potential profit. 

It pays to learn how, or to hire the right firm/person, to take advantage of tax benefits.

Ask the planning group to look at another subdivision plans and also ask the engineering firm for a similar set of plans to look through.  

Wondering if you had any feedback for those firms or if you have something else you'd recommend! 

Sure that property property in the ghetto looks like it has a nice yield on paper, but in 5yrs time, you will have wished you had stuck with the B property instead.Analyze a few hundred deals to get a firm grasp on what the market norms are. 

@Jason Taliaferro so you know if that firm is now licensed in TX?

We did not agree to pay him that much and feel like he took advantage of us not getting the firm price on the front end.

We hired a law firm to take them on.I have heard from many people that the reviews of people stating that they good experiences are them and 100% fake.