Eventually, lawmakers realized the negative impact this was having on the real estate sector and created what is known as Real Estate Professional Status (REPS).

- Acquisition Fee - 1% of Purchase Price- Asset Set up Fee - $8,500 total- Asset Management Fee - 3% of income- Disposition Fee - 5% of difference b/n purchase price and eventual sales price- Mortgage Guarantee Fee - 1% of amount guaranteed- Financial Services Fee - 5% of capital contribution of each limited partner- 65/35 Split: After investment repaidThank you in advance!!

We're looking to renovate something before the end of the year to accomplish 2 things: 1) Improve home value so we can get appraisal, refinance and leverage that to buy a new property. 2) Take advantage of the tax credits that are out there in 2024 before the new year or is it better to wait until 2025 and just hold onto the cash I have at hand.Here is a list of renovations that will need to be done eventually:*Brand new basement kitchen (cabinets + add seating area - we already have brand new dishwasher, fridge, gas oven)*New standing shower in the basement bathroom*New Siding*AC/Furnace for unit 1 are close to end of life but still functioning*New Fence/landscaping*New Windows for the basement*New Garage (unstable, concrete shifting, very old)*Solar Panels on the roof (There is a $0 down payment lease option w/ sunrun, but I'm hesitant to move forward)*Renovate master bedroom closet for tenants (it is old & has built in entertainment center that is very dated)*Repair Catch basin*Adding better drainage system for back door.Greatly appreciate any help, insight or advice!

Yes, we’d have no mortgage payment, which is huge, but the ultimate goal was to create passive income and scale upwards so that I could eventually retire and spend time with my family.

A mortgage to buy a primary residence is something you are always paying for.So, I personally would focus on generating wealth and income and then eventually when I reached a certain point I would start to use some of that income for myself personally.

Eventually long term I would like to own short-term rentals in my area  

Eventually, I went into a steady state of paying the $200 monthly and gave up after logging in few leads and figuring out my state does not have reasonable deals at my level and given my financial status.

Better to own a few quality properties than a bunch of crapboxes that end up damaged and vacant and eventually lose money.

I was in a similar situation when I first started ( mortgage was a large chunk of my salary) Thankfully I had friends that I was able to rent to that basically paid my mortgage and eventually my income increased enough where it was not an issue.what area of Denver are you looking at?

I wanted to focus on homeless families one day with probably 1/4 to 1/3 of the units I will eventually have.Believe it or not, if I am successful in this real estate thing, I was hoping to teach others in my family how to do it too and anyone else who would listen especially those with children coming from being homeless.