I’ve watched a lot of videos on how to screen and how to set up work with contractors, so I’m hopeful to build those relationships more in this area in the future.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

DISCLOSURETHE FOLLOWING IS FOR INFORMATION ONLY, AS I AM NOT AN ATTORNEY, YOU SHOULD SEEK PROFESSIONAL LEGAL ADVICE.So what must you do?  

- Run a cost segregation study on this property in 2024 and you might have $100k on line 18...Without diving too deep on this post - If you run this scenario as a real estate professional while materially participating in the property, You'll be able to reduce your's and your spouses taxable income that year... 

However, when I’m told on the day of closing they need an appraisal and won’t be funding to close, that isn’t professional.

Most professionals will recommend a separate LLC for every $1 million in assets, but I don't think that's necessary.

I’ve developed a Comprehensive Investor Report (CIR) for a property in Palm Coast, FL, designed to be transformed into a luxury rental asset while serving as the foundation for a scalable asset management strategy.Here’s a quick snapshot of the deal:Property: Red Birch Lane, Palm Coast, FLCurrent Value: $350,000+Mortgage Balance: $165,000Current Equity: $185,000Investment Required: $177,500 (for luxury upgrades and optimization)Projected Monthly Rent: $4,500 with 2% annual increasesTarget ROI: Full 1.5x ROI for investors achieved in 9 yearsLuxury Features: Smart home automation, designer finishes, professional-grade kitchen appliances, and more.I’ve also structured a capital distribution plan with a waterfall approach:8% Preferred Return for investors.Full Return of Capital to investors before profit splits.Post-ROI, a 20/80 split (Investor/Management) ensures long-term alignment.

Make sure your photos are professional, your description is engaging, and you’ve set competitive prices based on your local market.

Can this person now be "a real estate" professional? 

You can determine if the cost segregation study makes sense by speaking with your accountant and many cost segregation professionals offer a free analysis.

Readers should seek professional advice.