Always talk to your CPA to see if you qualify.That said, the benefits are definitely worth it if you do.

As I may not be a CPA, I do my own taxes and consider myself slightly above an average persons knowledge when it comes to the tax code.

I reviewed this with my cpa on an asset and was told basically when we do sell it and say we took $100k depreciation we would pay taxes on that money we took as depreciation.

Welcome to the community.I am a real estate CPA who works with investors and real estate beginners like yourself.

We use Quickbooks Online and took a class with our CPA to learn the basics - Well worth it! 

Sometimes people use agents, but if the agent isn’t a lawyer or CPA, then it’s likely that the agent is the actual owner of the property.

An S-Corp could help save on taxes if your income's high, but it’s worth chatting with a real estate-savvy CPA to get the best strategy.

On a related note, and I am running it by my CPA as well, but was just curious if anybody had issues deducting interest paid on seller finance deal?

This would allow you to exclude up to $500,000 in capital gains as a married couple filing jointly, or $250,000 if filing individually.Since your brother-in-law owns 10%, that portion of the sale might not qualify for the exclusion, and you'd need to discuss the tax impact with him.This post does not create a CPA-Client relationship.

Yes, to qualify as a real estate professional, either spouse must meet the 750-hour requirement of material participation, where more than half of their personal time/services must be devoted to real estate activities.If your spouse works another part-time or full-time job, it may be difficult to demonstrate that more than half of her working hours are focused on the real estate business.If not, you should qualify as you exceed the 750-hour threshold of material participation.As always, it's a good idea to consult with your CPA to ensure you meet the requirements and can take full advantage of the RE Pro status and the deductions available.