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.

I am thinking about doing this full time and was wondering if there was a coach/professional i could speak with to give me an honest assessment on my current real estate portfolio?

Readers should seek professional advice.

Readers should seek professional advice.

Your best bet is to ask for referrals from professionals in the space: realtors, other investors, this forum, FB groups, etc.

As always, consult with your licensed tax professional for qualifying, tax implications and strategy.

The first is that there's no consensus between tax professionals, and the second is that you will not like my personal interpretation.My interpretation is:Until the property is "placed in service" - everything goes into basis.Illustration.You buy a property July 1st.You finish rehab November 1st and put the property on the market.Your tenant moves in January 15th.The property was placed in service November 1st, and it does not matter that the tenant did not move in until the next year.Everything paid between July 1st and November 1st, including interest and utilities, goes into basis.

My lease requires professional carpet cleaning, which would cost more than $500 for a home of that size.Yes, it's reasonable to reduce the cost because she was such a long-term tenant.

@Victor Yang To use the rental losses to offset any active income (W2), you'd have meet Real Estate Professional status (which would be difficult to do with a W2 job because you'd have to work more on real estate than any other job to qualify) OR have an AGI of $150K or less.

I invested as a sophisticated investor, although I have no professional accreditations.