I feel the best teacher is experience and if they can have one property that they crunch the numbers on and buy themselves, manage themselves, and are responsible for - I think that will go a long way in preparing them for their eventual inheritance.Although my perspective might eventually just change completely to yours as my kids are both under 2.

I love the mailbox money. but I hate it when tenant having problems. hate it when tenant gives notice and have to go through renting the unit. after being through the last crash, I have to make sure I am prepared for the next down turn which means watch the cash flow, the reserve closely and pay more attention to the macro economic climate. 

My wife and I are preparing to close on our first rental property.

Of course I don't know for sure if I pass or not but I feel prepared and confident.

After reading Amanda Han's book "Tax Strategies for the Savvy Real Estate Investor" (highly recommend), I've reassessed my current tax preparer and realize the importance of using a CPA who specializes in real estate.

Also, when I bought more properties, she seemed concerned, and advised me not to buy anymore properties lest my tax preparation fee become too high.

How should i go about preparing my taxes.

I've already priced out 75% that is required including the big what if scenario of increasing water supply line,  I've got a long list of things that are needed, i've been preparing for something like this since I purchased 3 years ago.

I am a do it your self kind of person and currently using H&R Block tax software to prepare my tax documents for this year.

I see home investing as a way to diversify my wealth into another sector in preparation for retirement.