Additionally, the study must be completed by “qualified individuals” and “professional firms” that are competent in construction, design, auditing and estimation procedures for building construction.So while a specific methodology isn’t required by the IRS, taxpayers must ensure that their depreciation deductions and classifications of property are substantiated with supporting evidence.

I have the knowledge and skills for contractor work as I have been doing handyman work for the past 10 years, as well as learning the roofing trade with a professional company.

It’s great to see a fellow professional diving into the investment side of real estate—it’s such a rewarding journey.

If you’re a buyer, this could be the perfect time to explore new construction.

I love the flexibility they offer for traveling professionals, military families, or folks in between moves.My main questions:Have you noticed increased demand for midterm rentals in this area, particularly from military personnel at nearby bases or healthcare workers at local hospitals?

You have to complete Schedule E if you have rentals.You should check if the turbo tax premier version allows the filing of Schedule E.With that said, using a software like Turbo Tax will assume you to understand what is deductible.If you work with a tax professional, you are more likely to have an accurate return.

There are tax benefits to running everything through an LLC, but again, seek advice from a tax professional.

Our goal is to acquire an additional 200 units by the end of 2025 and connect with like-minded individuals passionate about real estate.Outside of my professional endeavors, my interests and hobbies include weightlifting, off-roading, hunting/fishing, and searching for the next big deal.What's your Real estate testimony, and how can we work together to build success?

Start with friends, family, and professional contacts who understand your work ethic and track record.