Open up a separate bank account just for your rental activity.At the end of the year, export the date into excel and properly classify each transaction as income or an expense.

If you didn't report your expenses for furnishing, repair, and renovation on your 2023 tax return, you may still be able to claim those expenses in the future when you generate rental income from your property.When you do start earning rental income and need to report it on your tax return, you can deduct eligible expenses associated with renting out your property, including the costs of furnishing, repair, and renovation.

Purchase price: $250,000 Cash invested: $250,000 Build out income stream with fix and flip upon tenant exit

I typically book cashback credit card rewards as a DR. to Cash and a CR. to Other Income.

This property cash flows before the ADU.Now im about to graduate college I make more than enough to live on due to having another profitable business with a partner though I have some major personal life changes coming  that will take a lot of my income but I will still be able to save an amount I am happy withIn this position where should I go?

My goal is to put it into an investment that will depreciate enough in the first year to cover taxes at ordinary income rate on 300k. 

The Augusta Rule, known to the IRS as Section 280A, allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return.Originally created to protect residents of Augusta, Georgia who would rent out their homes to attendees of the annual Masters golf tournament, the Augusta Rule applies to any taxpayer who owns a home in the United States, provided that your home is not your primary place of business.How Does it Work for the Homeowner?

I believe the one that does my tax mentioned using scorp due to our income but i seen its not advised to put real estate under scorp

To take advantage of the deprecation against your regular w2 income. 

Take a distribution from the retirement account over the years where it doesn't hit you up to the next or higher tax bracket.I.E. if your income is $80,000 and the next higher bracket is at $100,000, you may want to take a distribution of $20,000 from the retirement account to help you fund your real estate purchases.