Legal and Regulatory HurdlesReal estate transactions involve legal complexities that can overwhelm newcomers.Solution: Learn about legal requirements early on and seek professional advice when needed.

Plus, professional management companies often have tools and strategies to maximize occupancy and revenue, which can offset their fees.

This is platform for professionals and novice investors and you will learn a lot of valuable, hard-earned lessons in a short amount of time.

You have to complete Schedule E if you have rentals.You should check if the turbo tax premier version allows the filing of Schedule E.With that said, using a software like Turbo Tax will assume you to understand what is deductible.If you work with a tax professional, you are more likely to have an accurate return.

If you plan to expand your portfolio, forming an LLC can simplify liability protection and operations for multiple properties.Consult a CPA or legal professional to confirm your tax obligations and evaluate whether an LLC or umbrella insurance aligns best with your investment goals and risk tolerance.This post does not create a CPA-Client relationship.

If your friends have a rental they should hire a tax professional. 

Bulldozed the house and plan to build a new house on lot in the future Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Here is a newly created resource on BiggerPockets, which touches out cost segregation, accelerated depreciation, bonus depreciation, depreciation recapture, Real Estate Professional Status (REPS), STR Loophole / STR Strategy, example properties, and more. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I guess that you could call me a 'professional host'.