I’m not speaking for you, but most cosmetologists and barbers who are self employed way underreport their income to the IRS, thinking they are better off not paying the taxes, then end up having to work the rest of their lives because they didn’t save and didn’t pay into social security.Just the fact that you are on here, asking questions and putting a plan together puts you way ahead of the pack and is an indication you will be successful.  

Contrary to what others may say, if you're just looking to increase your savings, then I recommend securing w2 employment.

@Jason ThompsonI realized that I employed a scarcity mindset at times, especially when I was putting offers, trying to lowball or get the best deal in a market that was on an upswing.

However, you can significantly reduce your cost of living employing different strategies. 6 years ago, When I first started, I had a duplex where I rented the 2nd unit and lived on the 1st.

He should be able to file very quickly if he doesn't have to wait on an employer W2 to attach.

S could be more expensive due to wage reporting and employment taxes.

And while the IRS wants income taxes, they want employment taxes (SS, Medicare) much more.Thanks,Jason

They were both self employed running their own businesses and treated RE as a investment but not a business.

[Note: There is a caveat here: if the corporation employs 5 or more full-time positions, then the income would be classified as "active" and would be taxed accordingly].When rental property is held by an individual, the net passive income (or loss) is added to that individuals other income and taxed at the corresponding marginal tax rate.

Buying small rentals is self-employment.