Far too many taxpayers draw up their tax return in their head without a real plan.

Then ask why the property tax rates for hotels on Maui hasn't increased in over two years, yet they continue to raise it for STR's as well as non-owner occupied residential properties.

Once I got an inspector in there, a lot of issues came up.Not to mention, seems like every single of their properties is priced at exactly the 1% rule - meaning negative cash flow if you factor in vacancy, taxes, and repairs. 

Are you planning to do a 1031 exchange or a trust deed to avoid/ minimize the property gain tax?

Alternatively, you can use the fair market value of the home at the time of conversion"Keep in mind, you will probably want to talk to a tax professional to go over all the consequences. 

Depending on capacity with work and kids, you could consider a high yield side hustle to create additional income that is devoted to early retirement of debt or funds set aside to purchase additional properties.3.

Get rid of debt, build a budget, and save.

., the most dots on a Zillow map search) and delve deeper to see if it's an area of interest.Lastly, when looking up properties, be mindful of taxes.

Plan B is that if I'm unable to refi, I'll sell off my only SFR and then I can pay off over 60% of the credit card debt and then I'll try again to refi.

Hi AllWe are selling our gas station/property and provided the buyer with the past 3 years business tax returns and are doing an inspection, but I received an email form the buyer saying their banker is asking for my Schedule E, why would they need my Schedule E for the loan?