Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

Let's say you spent a month on the initial preparation: cleaning, painting, shopping for furnishings, assembling IKEA furniture and so on.

Focus on building cash flow and equity while targeting value-add opportunities to transition into shopping centers and strip malls over time.Good luck!

Some of my clients manage their own rentals (even when they live in another state) and simply have a local handyman to do repairs and showings.

You will also need about 6 months of reserves deposited in a traditional financial institution rather than a crypto account.The next step is to find the target property and calculate the acquisition costs and costs of construction along with the after-repair value. 

Avoid common pitfalls like skipping due diligence, underestimating repairs, and overleveraging having reserves and a strong team is key.Good luck!

As far as the 1099, that is for payment to owners if you manage for someone else or your vendors whom you pay for repairs and maintenance. 

I personally would sell the house - it's negatively cash flowing ~100/month, if you were to add in repairs/maintenance, CapEx, vacancy, rising insurance/property tax costs I would think you're actually losing more than you estimate (luckily it's new so you are on the very low end of that right now).

I believe you can deduct the other business expenses (home office, supplies, repairs, maintenance etc) - but the bulk of it (depreciation) is likely passed on to later years.So first house 2021 - I'll assume 250k purchase price and you put roughly 20% or 50k down. 

@Tom Dieringer After purchasing my first property in 2024, I acquired most of my short-term rental (STR) knowledge from The Short Term Shop, which included maintaining respectful communication with guests, keeping calendar availability up-to-date, and ensuring high-quality listings.When I initially began May of 2024, I opted to list my property exclusively on a single Online Travel Agency (OTA) - Vrbo.