Also, make sure to record every transaction clearly to avoid any issues with the IRS or legal matters.Hope this helps!

The IRS requires a reasonable salary, so setting it too low could lead to reclassification and penalties.

This option is ideal for penalty-free investment but comes with added complexity and strict IRS rules.Alternatively, a 60-Day Rollover allows you to withdraw funds and redeposit them into an IRA within 60 days to avoid penalties, though it carries the risk of missing the deadline.

@Adam BartomeoGuys the IRS requires the 1099 amount to be equal to the GROSS amount you collected on behalf of the owner, even if you are collecting water bills, etc. from tenants.NOTHING is deducted from the Gross amount,including your PMC fees!

That could change the situation, so check with your CPA about that.If you want more details about depreciation and cost segregation, check out the IRS guide on rental property deductions: IRS Rental Property Tax Guide.Hope this helps!

On Monday morning the HVAC tech came to the home and determined that the control board failed on the unit and would take about 5 days to get the part for install.

I am seeking an investment minded real estate agent to work with me on determining (with substantiated estimates that I can share with my parents) the most advantageous path forward, which I believe would be 1) rehab and rent, 2) rehab and sell, or 3) sell “as is”.

If using an LLC (aka a "Checkbook IRA"), you get direct control but must ensure compliance with IRS rules.

I am a new real estate investor and I'm trying to determine the best way to finance my first property.

Do I have to submit any application to IRS?