And then 1031ing into something else early 2025.My Real Estate only CPA advised against 1031ing this year.TY!

As mentioned residency 2:5 goes a long way in helping assuming 250/500 or less Btw the 500 consult fee you would pay a CPA is work every penny.  

After residing in FL for two months, we are excited to be under contract.Now, we are seeking advice on the next steps:Should we engage a CPA or lawyer for setting up our LLC?

This post does not create an attorney-client or CPA-client relationship.

@Gabriella Pellolio I can’t speak to the strategy with LLCs, you should probably talk to a CPA but I think generally they would recommend that you have a separate LLC for your interior design business versus your real estate investments.

Definitely consult with your CPA.

I am not even close to a CPA, though, and they will be able to give the exact answer you need.

So it depends on the amount of the equipment.I have a CPA handling my taxes, and years ago, he set a $1,000 limit originally for deducting equipment which had been increasing over the years, so I no longer ask him annually.

As a retired CPA, I have seen more than my share of bankrupted RE investors who were over leveraged with many properties.All the more reason to emphasize developing good due diligence practices, having some skin in the game and staying on top of legal requirements, maintenance, finance and tenant screening criteria.

Talk to your CPA / Financial planner about this option as it does carry risk!