Keeping separate bank account for property, as opposed to commingling with personal account makes for easier and less costly book keeping, accounting, and tax filing4.

Add tax return preparation fees, bookkeeping expenses, bank fees, potential legal fees, and the major expense of replacing a major item, such as AC or water heater.   

If you develop skills, you can also trade knowledge for cpa or bookkeeping work in exchange for your knowledge or help.

Just a few thoughts:*just general bookkeeping and accounting services. 

I've always done my own bookkeeping. 

Either A) they’re letting it sit on the market until somebody takes it, or B)they cannot budge on that price because they need to recoup as much money as possible for their bookkeeping purposes.

It is so easy for tax deductions to slip through the cracks without proper bookkeeping.2) Along the lines of #1, bad bookkeeping.

Use any bookkeeping software.

I could not imagine doing this for 40 seperate units.It seems this would be a bookkeeping nightmare for me.Is anyone using this type of asset protection strategy for 5+ properties?

We had it on a Heloc for 3 months, then did a cash out refi- This thing was TOTALLY redone and needed more love this past 12 month- Can I take a $15k loss on this due to the fact that I have easily spent over 100 hours this past year running it, staying at the actual cabin, paperwork, book keeping, purchasing items, etc (BTW, this would not include travel)- I have those miles listed out separately.- If so, would this be a deduction from my wages that I have earned in 2023/Thanks in advance- Janis