@Vidit Maini Until you are an ESTABLISHED business I would recommend just keeping track of your mileage for deduction as opposed to spending the extra money to buy a “company vehicle”.

While it will likely give you more confidence and answer a lot of questions, I would say that talking to a seasoned investor, or even agent that works with investors, is a way better idea than spending 8K on something that you don't know too much about, especially before your first deal is done.

This meant I couldn’t pursue the driver personally and had to rely on their car insurance, which settled for $25K—their maximum coverage.Unfortunately, the crash added $77K in unexpected costs, including $41K in repairs and extended holding costs.

@Wells H. you can spend DAYS driving through Detroit!

Of course, managing your own properties is a good thing (instead of having to spend the money on a manager), but you have to manage your property in a professional manner.

A roof extending over a lot line would not be latent, as it is observable with the naked eye.

Take the money you would be spending on filing and additional costs and put it toward an umbrella policy.

pack your trips with showings and meetings.if it's not worth it to you to spend some time and money doing that... then don't spend tens of thousands of dollars on a property.

Overall, you're spending $25k in extra costs and a monthly pmt that's $500 higher to keep $50k in your bank account. 

My immediate goal is to acquire our first property and spend the next two years mastering the basics of real estate investment. ( Refining the Go and No property search criteria/ Learning the value of taxes and avoiding them as much as possible/ 1031 exchanges) Depending on my wife’s career orders, we may remain in Baltimore for 1-2 years, but I’m also exploring opportunities in West Texas, Sierra Vista, AZ, and Houston, TX.