Real estate has so many tax benefits and credits available, that I always tell people it's crucial to have a CPA that's extremely knowledgeable in this area.

In that case you might save taxes building with them.

Forming an LLC for your rental property can offer liability protection, but no real tax benefit.

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

The land is on two tax lots so my plan is to sell the extra lot immediately after closing for a projected $275K.The property on the other lot will be a fix and flip with projected costs of $240K and an ARV of $750K.I plan to use a PML of 2 points and 12% APY for 70% of the total cost.

I find that it's almost a one stop shop in that I can use it for my business checking and savings accounts, bookkeeping, for rent collection, I can issue virtual credit card, I can create all the financial reports I need to run my real estate business and prepare for tax filing and through their partners I can vet my tenants, develop state-specific leases and more.

Zero capital gain tax, next to zero income tax, property Tax is super small.  

What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself?

Pro tip - Home Depot has a tile from Ivy Hill that looks exactly like Zellige for a fraction of the cost.

My mistake for not inspecting the property beforehand. Paid 12800.based on google mapsThe property is a mess. Need to clean the junk out of house .. hoarder . Bathroom and kitchen need redone. Large tree in back is de...