I utilized those funds to purchase 18 rental units.

Use umbrella insurance as an additional safeguard, especially if you opt not to form an LLC.Avoid S-Corp taxation for rentals, as rental income is passive and not subject to self-employment tax. S

Quote from @Zara Massoud: Your new PM is correct and the old ones were wrong.The property manager must have your social security or tax ID number on file.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

So if you buy a 5 bedroom house and rent the spare 4 bedrooms = you can still sell tax-free under the 121 (you just pay back depreciation) If you buy a duplex and rent 1/2 and live in 1/2.

It’s still relatively affordable compared to bigger cities, has strong rental demand, and no state income tax, which is always a plus.

In North Jersey, buying is difficult from my beginner perspective with high prices, property tax, etc.Barrier to entry feels high in my area.

Outcome currently is a rented basement for $1,350 a month + $130 in utilities while I live in the upstairs unit.

(I REALLY can’t stand state income taxes.  

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).