We kept and rented our primary residence for three years before selling it (and we didn't have to pay capital gains taxes).Thanks!

In addition I heard that is better having one LLC for each property and one for management only.

@Colleen F. unfortunately, AFAIK, there is no other resource than go to small claims court and go after her, which will take me $2-3K in additional legal fees.

At the very least you will want to have some general foundations set because with time you will modify processes and the learnings via experience you gain.

It takes time and patience, but the long-term benefits are well worth it.I’ve personally gained invaluable knowledge, listings, and deals from friendships I’ve built over the years.The more people you engage with, the faster you’ll achieve your goals!

I look forward to learning everything there is to gaining financial freedom and becoming an investor. 

I’m here to connect with like-minded individuals, gain insights from others, and contribute value wherever I can in the real estate field.

Additionally, a CPA can maximize child tax credits, rental property depreciation, and ensure compliance with reporting requirements for their 1099 income.

Additionally, they've avoided 40-50 hard credit inquiries populating on their credit as a result of the soft credit inquiry that we utilize for DSCR loans.If DSCR loans are a new thing to you, I would recommend checking out some articles here on Bigger Pockets or giving me a call to learn more.

I've got about $525K in equity in the property, but lenders have told me that I cannot get a HELOC to access that equity for additional purchases because the duplex was financed as an investment - they have said TX law dictates that HELOC can only be used on primary residences.