We may try to fight this as we purchased the property specifically because there were no rental restrictions when we purchased, and this will significantly affect our financial situation with the property.

As a result, the Tax Court ultimately disallowed the deduction.The lesson here is clear: when attempting to write off assets such as RVs, boats, cars, or planes, meticulous record-keeping is essential.

I’m looking to follow my curiosity to open up new possibilities, opportunities, and become financially independent in the process, to the degree it is possible.I’m new to RE and exploring, so I don’t know exactly what I want yet.

Define your risk tolerance & budget - if you lost it all, would it break you financially.  3.

do you have lots of other assets / savings and you're looking to diversify?

It may be beneficial to consult with a real estate professional or financial advisor to help weigh the pros and cons of each option and make an informed decision.

Hey All -- I believe I have an understanding of the financial workflow here, but figured this group would have lots of personal experience and or advice.

My goal is to establish a well-rounded portfolio of rental properties that not only promise financial growth but also offer value and sustainability to communities.I’m particularly keen on understanding the nuances of different real estate markets, effective property management techniques, and strategies for making informed investment decisions.

Hi Kiran, It's advisable to seek legal and financial advice when structuring the partnership and drafting any relevant agreements.

@Shivam Patel You are actually in a decent market (lucky haha) to get started, we have several assets in Houston where you can find favorable rent-to-value ratios.