The US taxes global income which dramatically increases the reporting requirements.

If I commit to this path, my goal is to generate a net income of $300,000 per year by December 2030.

I used my tenant income and w2 income to put towards the next phase of rehab.

The guy is meeting the rental criteria income wise.

As the cleaning company continues to grow, I am looking to invest in real estate to create more passive income. 

A lot of our housing stock here has finished basements or in-law suites, so with something like that you can generate significant rental income for an inexpensive conversion. 

Plus new folks do a very poor job of screening the buyer for Ability To Repay (ATR) which involves pulling full doc and calculating the borrowers DTI, honest income, honest debt payments, prior debt payment histor (FICO) etc etc.Plus shockingly (or shocking to sellers) if you bought this investment house, fixed it, then are selling with financing you are selling "inventory" and y9ou owe taxes on the gain in the year of sale, you are NOT able to use installment sale to spread out paying taxes. 

I am interested in investing in something a bit more passive as I am getting older and, while I love the real estate asset class, I do recognize the need for multiple streams of income. 

Depending on your debt to income, you might have to sell or have an executed lease to secure financing to buy the second home.

Focus on tax-saving strategies such as cost segregation studies and bonus depreciation to accelerate deductions.By qualifying as a Real Estate Professional (spending 750+ hours annually and materially participating), you can offset your wife’s S-Corp income with real estate losses, reducing your tax liability.