.✅ Investors - Keep detailed records of ALL rental property expenses to reduce your taxable income - helping your CPA spot additional tax saving opportunities.Imperative to use a CPA who is well versed in Real Estate tax code.My CPA is just that - DM me to get his contact information....

Stay Organized: Keep detailed records of all expenses, timelines, and communications.

And investors thinking they’ve done their “due diligence” because they checked our track record in note investing.    

Knowing this information will help you identify the right professionals to bring on board.At minimum, your team team should include:Financial Advisor: to help with investment strategies - portfolio diversification and risk management.Real Estate Agent/Broker: to help with property acquisition and market analysis.Accountant or Tax Advisor: to help manage financial records, tax planning, and optimization.Attorney: to provide legal counsel for contracts, agreements, and investment structures.Mentor or Coach: to offer guidance, insights, and industry knowledge.Networking and Relationship Builder (for everything else you will need): to connect you with potential partners and collaborators.

They can limit what property owners can do, including house hacking.Even if the city has no restrictions, if legally binding and properly recorded, covenants can enforce rules that supersede local ordinances for those living within the neighborhood.

Treat your family private lender like (or better than) any other private or HML: promissory note and lien recorded against the property.

Recommendations for you would be to keep super meticulous records of all the costs you’re putting into the property, so your tax pro can make sure you’re capturing everything 1) correctly and 2) in the most tax advantaged way. 

I charge a really high fee and require the tenant to carry bite insurance.Inspections are done on a schedule and always recorded with pictures and/or video.

There were also no records of any people storing units on the site.

That's not to say all of them, there are definitely a lot of professional and successful residential GCs (take a look at some of the guys commenting above, their track records are impressive).