But I would rather rent it out so it could be our first/foundational rental property and we can continue to grow our portfolio.We've been looking to rent for a while now but with the local rent pricing it is just as expensive/affordable to purchase your own condo than to rent.

Since you're using hard money for your fix-and-flip, make sure you also have reserves for holding costs and unexpected expenses.

As professional PMs, these scenarios are less anxiety inducing to us because, unfortunately, we deal with professional tenants more than your average landlord.

Life is about as good as it gets here, which is why it has become expensive. 

I would highly recommend finding a lender that does 10% of purchase price down because it will ultimately be less expensive for you.

My CPA was unsure... do you issue 1090-NEC for the difference between 1099-K and 1099-MISC or do you double up the income (i.e. 1099-NEC for gross rents from PM, 1099-K of the net owner distribution on 1099-K, then owner reports double income and puts a line item expense for the 1099-K since 1099-MISC covers gross rents).You need a new accountant lolPM issues 1099-MISC, not NEC for rental income paid to property owners.You would still issue the rental income paid to the owners regardless of the payment method.The Property Owners should add an expense line item on Schedule C stating that income reported twice on Form 1099 to offset any duplicated amount.

Best, but expensive and can still be defeated.5) Cameras & alarms - sorry, we're not paid enough to confront a thief in the middle of the night!

For 1099 income, we will look at a 2 average of income using your NET NET income (bottom line income). 

This allows you to report the rental income and expenses directly on Schedule E of your joint tax return, simplifying your tax filing process.

I joined with the intent to surround myself with others in the field and build my confidence and understanding of the subject matter (:I live a disciplined lifestyle when managing my expenses and living below my means.