I think I'm just a bit jumpy because it's our first property, so your comment have been VERY helpful in calming my nerves.

I feel like my first deal would be a less nerve racking if I had more of a network.

We are under contract for a 1700 sqft 3/2 home on just over an acre in spring branch, tx. It's in a very high end neighborhood.
It needs some cosmetic work. But really doesnt need much for us to rent it out (we plan o...

What you effectively have is a general partnership at that point.File 1065, allocate debt basis to whoever is named in the mortgage, issue K-1s to partners, call it a day.Of course @Jason Iskarpatyoti, you should always engage a tax pro to examine your facts and circumstances so they can dial in advice. 

I liked it and passed my state exam in one shot with flying colors!

I think it was nerves because the next couple I was able to pay mor attention and act on the thing I have learned in all of my research.

They mainly just examine the property characteristics and your exit strategy. 

I would be taking the exam in Minnesota. 

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

All of the day dreaming is a reality now and it is somewhat nerve wracking.