What location are you usually based out of?

If you have some word of advice for a newbie, things you wish you knew as a begginer, please feel free to share that information with me. 

.), painting the walls and ceiling with an oil-based primer to ceiling in the remaining tar, painting, and installing new flooring. 

If this is your only means of completing this transaction then you'll be short lived as many of the sellers that I speak to want that good ole word "cash" written into the contract.  

Any words of wisdom are welcomed too!  

Hi @Laura Yazdi - I’m certainly a tax strategist in this space (CA-based CPA).

Definitely speak with @Joseph Chiofalo they are NY based. 

Or words of advice?

I found one here that I've been using since getting started in real estate investing last year:http://www.fastbusinessplans.com/business-template...It already includes the Schedule E categories that you'll want to use, and has a summary page at the front that autopopulates based on the info you enter for each month.

To my knowledge, MS Word alone will allow you to create fillable forms but you still have to fill out each document individually, typing the same information repetitively, which is not only self-defeating but risks errors.