Hi all,I have found a house in Lehigh acres Florida for a purchase price e .75 of of the appraised  value and it is for sure a 1 dscr. can I immediately buy this for  0 Dollars down

The LLC's will be disregarded for tax purposes, and the income and expenses of the rental properties will go in Sch E of your personal tax returns.Yes, it will offset W2 some, depending on how the property is financed and the cash flow. 

@Michael E. thanks for the positive plug:)Manny, most locals buy appliances at ABC Warehouse.

@Aubrey E Alleyne I am not sure you can go wrong being that close to the beach.

All my stuff sits between E Warren & Mack Ave which I consider to be the "heart" of Morningside.

Make sure you have all your documents scanned and ready to e-mail to them,  and ditto all your notes of conversations, etc.  

We see all kinds of crazy stuff, and we sort it out on the tax return whether it is a Form 8825 on a 1065 or if it is Sched E Page 1 on a 1040.

Quote from @Jovani E.: Hello Everyone, I've been following BiggerPockets for a few years now.

THEY HAVE LITTLE KNOWLEDGE ABOUT E-COMMERCE BUSINESS AND WILL END UP MESSING YOU UP WHEN TAXES ARE DUE AND WILL NOT HELP YOU IF YOU DON'T PAY THEM UPFRONT.

You must submit a request for a letter ruling to make a late election or revoke an election.Any change in the placed in service date of a depreciable asset.See sections 1.446-1(e)(2)(ii)(d) and 1.446-1(e)(2)(iii) of the regulations for more information and examples.