If you are new to REI and absolutely cannot visit the market (huge mistake in my opinion) then at least hire a local investor to be present at the inspection and give you their opinion.  

You will hate learning this from your mistakes - learn it from mine instead.  

@Reese PhillipsIt sounds like you are making a mistake of capping the home income. 55k sounds like the gross income including the rentals right? 

So I have a successful BRRR stories, but there were a handful of mistakes made which is why I am posting to see if you can point them out and learn some lessons.  

In an absolute worst-case scenario, which would I rather lose?  

I'm willing to guess that the bulk of your fee was not so much in tax prep (although it could have been), but was mostly "cleaning up my books".Cleaning up the mistakes in a QuickBooks file can easily add several hundred dollars to your year end bill.My fee structure is like this (and is similar to many CPAs in my area who are also self employed and work out of their homes.  

Hi Hernan,Your mistakes are… 1.

Look at the taxes one of the worst states 

The 2nd biggest rental mistake I made. 

Currently working on setting my first set of systems for when i get my first building so that i can reduce the mistakes ill make once i have a building.