I gave an owner $4500 to stop a tax foreclosure on his property in exchage for an Option to purchase it for 18K sometime in the following 10 years.

Get ready for the property taxes to jump after you make the purchase. 

Hi everyone, I filled my taxes jointly for the first time.Tax guy said I can't write off any repairs/upgrades because my wife and I W2 income is over $150,000.Is this correct?!

If you pay market rent and your tenant in the other unit does too will both rents cover the loan, insurance, taxes, maintenance? 

CA taxes residents on worldwide income but may provide a credit for taxes paid to other states.

Yes, but you will be subject to UBIT taxes. 

New here, but have been reading the forums for several months as I consider real estate investing, but am having a hard time convincing my spouse the potential "hassle" of a poor tenant is worth the benefits.Our situation includes both of us working full time w-2 jobs and our primary goal is to assist in reducing annual tax burdens. 

The second would be to spread out taxes instead getting hit all at once from Uncle Sam. 

Don't forget to save up for closing costs, property taxes, insurance, and any potential repairs that may be needed.Start by connecting with nearby lenders or mortgage brokers to evaluate your financial preparedness and investigate loan possibilities.

Transfer taxes, recordation taxes, lenders title insurance, owners title insurance, closing fees, lender fees, appraisal, survey, deed prep, recording fees, insurance, escrow