I just got signed up with Rent Redi and would like to import the previous  monthly rental payments into rent redi to have it correctly dispalying the lease terms with rent owed. Any suggestions or am i missing a tool ...

Otherwise, it’s treated as a partnership requiring Form 1065.Get an EIN (Employer Identification Number) from the IRS (free) for tax and banking purposes.Separate personal and business finances by opening an LLC bank account and keeping rental income/expenses distinct.Consider an operating agreement, even if not required by state law, to define ownership and responsibilities.Liability protection: An LLC helps shield personal assets, but you may still need landlord insurance and an umbrella policy to cover lawsuits and unexpected claims.Tax strategy: Rental income typically passes through to your personal return (Schedule E).

Let her sell it as she won’t have a taxable gain which you will have if she gives it to you and you sell.

To go a bit further into what Dmitriy mentioned, since your IRA earns the income the tax treatment is specific to your IRA.

Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

I want to work my way into anything full time because I have a decent job now but eventually i want to have real estate/construction replace my income. 

If a cost segregation study was performed, the accelerated depreciation may further reduce the property’s basis, potentially increasing taxable capital gains when sold.Depreciation recapture will occur when you sell the personal residence, so it’s essential to keep detailed records of all depreciation claimed while the property was used as a rental to ensure accurate tax reporting at that time.This post does not create a CPA-Client relationship.

However, once converted to personal use, you can no longer claim depreciation, and the accumulated depreciation will reduce your adjusted basis, increasing your potential taxable gain upon sale.

You are converting their tax free gain in to a taxable gain.