If I got a home equity loan for Property 1 and used the proceeds as downpayment for Property 2 and then got a 2nd loan for the remaining 75% purchase price for Property 2, when I sell Property 2, can I use the Property 1 loan as part of the cost basis for computing Property 2 capital gains?

I inquired about the possibility of a two-company structure: A traditional LLC that is the public face of the activities (collecting rents, paying contractors, etc.) and managing the Series LLC with each property in once cell in it (in this case, Series LLC is serving as a holding role).Again, one attorney said that would be much better than a standalone LLC and that is recommended approach, and the other said it is waste of time and money since there are some requirements from Texas Real Estate Commission, which is requiring being a licensed broker in the state to operate in the managing LLC.So, just want to hear what other Texas investors are doing when it comes to series LLCs regarding these issues. 

If you violate any of these rules you could blow up your IRA or 401k and the IRS could force you to distribute all of the assets in the IRA or 401k.

Quote from @Brian Cerezo: I’m in search of a roofer that can patch up my roof in my rental in Canton Ohio so I can get it ready to sell.

Hi Andrea, my wife and I own a Short Term Rental in West Michigan so I would be happy to answer any questions you have on how to analyze the property, what you should look for in a property and what questions to ask the county. 

We budgeted $100k and that’s our goal but have extra just in case something pops up so this $120k is a high number.

Disallowed losses under wash sale rules increase the cost basis of replacement securities, potentially reducing future taxable gains.This post does not create a CPA-Client relationship.

Most of my tenants are visiting scholars coming from all over the world.

Inherited tenants are usually a negative, however in that area leaving the duplex totally vacant makes it a target for thieves to come in and steal your pipes, furnace, and hot water tanks.

You will be able to learn a lot from the forums and past posts.