Finding a property with the appropriate layout is challenging and expensive.

I also use their virtual credit cards which enables me to assign a card to a specific person, like the cleaner for my STR for example, so when she runs a charge, it automatically drops into the right account in terms of categorizing my expenses.

If they work independently, set their schedule, and use their resources, they might qualify as a 1099 contractor, but misclassification risks IRS penalties.Wages for W-2 employees and payments to 1099 contractors are both deductible business expenses, but compliance is key.This post does not create a CPA-Client relationship.

Find out what rate rents are increasing and expenses are increasing in your area and use that in your underwriting, then work out each year of ownership. 5% rate in 5 years seems ambitious.

I knew before I went that if we decided to invest in the “Inner Circle” it would be expensive, but would give us access to 100% funding within 72 hours, or so they said.

With Plus, you can use Classes to separate properties and accurately track income and expenses by unit.

Vacancy is VERY expensive and can destroy returns, especially if you have to reduce rents anyways. 

BTW, it is illegal for a seller to receive any proceeds from the short sale,  however,  they may be qualified for relocation $$$ or other reimbursable expenses.   

This protects against potential claims and liabilities specific to the rental.For tax purposes, maintain clear records of rental-related income and expenses, allowing deductions for insurance, utilities, maintenance, and depreciation proportionate to the rental unit.

Yes, you can deduct related expenses including gas, loan interest, insurance, etc. using the actual vehicle expenses method to deduct auto expenses for your rental or other businesses.