We are currently waiting to see the experience with the Florida LLC, re insurance, tax, beneficial ownership issues before we deed the Virginia properties into the LLC.

And there's the unpaid taxes for operating illegally... i'd give this property a thumbs down.

Each year being worse than the one before with higher insurance, property taxes and wages?

(Someone to receive notices on your behalf)Residential income properties need a Transaction Privilege license in most locations (Rental Tax)Property Management is a specialty in the industry and it's very possible your sister has her license with a broker that doesn't allow her to do property management?

And keep in mind this is in addition to your normal tax liability.

Because otherwise its becomes very difficult to manage these things.Do you know if there are any tax implications from moving the property in and out of an LLC for a cash out refinance.

We are looking for someone to help us file taxes (both for LLC and personal) for this year and try to mitigate any tax loses, but also who we can build long term relationship as we grow our portfolio.

The rest of my tax/income situation is very basic.

Does anyone know with the recent Tax Cuts and Jobs act for 2024 if bonus depreciation of 100% has been extended to 2026 for short term rentals? 

If you sell at a profit there are tax advantages.