Keep detailed records of repairs, improvements, and rental income, and consider working with a CPA specializing in real estate to ensure you're taking full advantage of deductions and strategies like passive losses, home office deductions, or even the Qualified Business Income deduction if applicable.Good luck!

Remember, confidence grows with each step, so take action and keep moving forward!

There are many choices out there so take some time and check out other systems to see what works for you.

We rarely have issues, but it seems like such a small investment in time and money to take one day to verify. 

Hi Everyone,I’m investing in an essentially turnkey (it was a flip) MFH in Woonsocket, RI and wanted to get your take from anyone who has experience in the city.I know the city has a bit of a reputation, but it’s in the Fairmount neighborhood that tends to be quite good.

It was an enormous rehab and I didn't have the experience or the contractors to take it on.

Sure, because when you take rent payments out of the equation you can focus on the tenant landlord relationship and providing the best experience for the tenant.All the best!

Also, for value-add deals, how much rehab are you willing to take on?

There is a not so inexpensive fee - anywhere from 5k to 100k depending on the program and they take a % of each deal. 

Meaning, if you take the money only, you would have depreciation recapture from your cost basis up to the original purchase price of the building (not including the land cost because it wasn't depreciable), plus a capital gain up to the insurance proceeds.Hope this makes sense.