To safeguard against being pushed out, include provisions for mediation in case of disputes and consider filing a lien or using escrow arrangements to secure your share of profits. 

Note that if you are married filing joint, only the spouse who is qualifying for REPS is able to count their hours.Step 4: Apply the quantitative testsPer Section 469(c)(7)(B), in order to qualify for REPS, you must meet both of the tests below:750-Hour Test: If you materially participate in a real property trade or business, you must spend 750+ hours during the tax year.More Than Half Test: You must spend more than half of your personal service hours in the real property trade or business in which you materially participate.Step 5: Material participation in rental activities Just because you qualify for real estate professional status does not mean that your rental activities are automatically considered non-passive.

Most people do not realize when someone liens a property its just a lien, but to collect on it they must file a lawsuit to collect that money which will cost them 5x more than what its worth. 

If rent is still not received by the tenth of the month, an additional $100 late fee is imposed, PLUS you file on them the same day. 

You are usually better off filing jointly. 

It also makes negotiating things like insurance rates easier because you’re seen as a business, not just an individual.Of course, there are pros and also cons, like setup costs, filing fees, and more paperwork to keep up with.

If the properties were placed into service in 2022 or before, you may need to file form 3115 (change in accounting method) to factor in the 'updated' depreciation schedule from the cost segregation study.Best of luck

I have had several Colorado LLCs (single member LLCS with one single family residential rental per LLC, so very small-time) for a decade, and always file my periodic report so am in good standing with the Colorado Secretary of State, but have only just heard that I need to file a BOI report before the end of the year.

Timeline ranges from 22 days in Texas to almost 12 months in some other states. ” The borrower could file bankruptcy (can someone confirm that this will only cause delay, but not jeopardize ultimately collecting the legal balance of the note)”I wish I can confirm that, but it isn’t true.  

Doesn't matter if they have 3 kids or not, if they are late on rent, file notice and if they don't pay...start the eviction.Stick to the facts when you go in front of the judge and you should be fine.