@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.

Readers should seek professional advice.

Petersburg area, resulting in highly–profitable investments.If you need professional and courteous property management experts for your multifamily, single family, condominiums or town home, you've found the right company!

You will have to have a professional estimate done.

Meaning where growth opportunity is happening, appreciation, networking with professionals in that market such as lenders, other investors etc.

One key takeaway for future projects is the value of hiring professional painters.

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

This can create deprecation needed to offset these gains, and we don't need to qualify for real estate professional to take advantage of it in this case here. 

One key takeaway for future projects is the value of hiring professional painters.

The reason you would hire a licensed professional is to assist with you not gettting SCAMMED and help you with negotiating prices and terms...based upon State Law.