First, banks do not prefer W2 income over 1099 income at all.

Expanding your portfolio, streamlining tenant management, diversifying income streams, building a network, and planning for growth are also recommended.

There’s no chance I would trade my 10 well performing homes for 50 or 100 homes to get the same income before the increased taxes and repairs/vacancies, etc etc. 

Gross income right now is 2700.

So, if you have 10 units and you are going to pay $1,500 a month and you are working on an active income job, too, this is an easy switch due to the labor mentally and physically (even if it is just phone calls) to get these rentals running as a well-oiled machine.  

They will issue an IRS Form 1099 in January, reporting your total taxable income to you and the IRS.

If you continue filing taxes jointly the income you realize from your separate property will still need to be explained and redacted, regardless of the type of entity holding the real estate.

I was interested in something like owning a rental property as a way to generate some additional income. 

Wanting to know who we can reach out to for management, estimates on potential income/expenses. 

I have tried to do a HELOC but I’ve recently retired from the military and haven’t started another W2 therefore lenders don’t want to approve the HELOC.