The home burns and the incredibly over taxed CA FAIR plan has either gone bankrupt or takes years to pay out.2.

Instead, it could impact your cost basis in the property, which would affect depreciation and future tax calculations.

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who do they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

He's a CPA with a focus on strategic tax planning.

The other factor that's relevant for me is that my husband is a high end W-2 wage earner and we could greatly benefit from the potential tax benefits of actively managing the property. 

I purchased my first investment property through an online auction for delinquent property tax.

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

From a tax perspective, rental properties offer benefits such as depreciation deductions, 1031 exchanges, and potential short-term rental (STR) tax loopholes to offset W-2 income.

Property Taxes Will Likely Increase After You Move Out•If you have a homestead exemption, it will be removed when you convert the home into a rental.

Others may incorporate land trusts for title transfer purposes or to address specific tax considerations.