. - Purchase Price $38,450-Full Rehab $75k (roof, interior/exterior paint, new kitchen, new bath, new floor, new appliance)- Add full bath $25k (88 sq ft) is the option/decisionAs far as cash flow, here is are the two options....- 3/1 would be...

I was thought to use a letter of intent letter to obtain the house.Is this all you have to do and that bypasses the purchase agreement or do you need both?

It’s my understanding it’s very hard to meet reps status working a w2Also I believe once you get above $150k basically you lose any benefits of reps status I think I will be able to qualify for the STR re status if I run the cost segregation when I purchase the house. 

Whether it's better to form an LLC that will hold the actual real estate in the state I purchase or will a NY formed LLC be just as good. 

I recently purchased my first rental house in Woodstock, GA.

Real Estate has always been a strong interest for each of us, but other than purchasing our primary residences, no experience as investors.

It was a dream purchase for me and my wife, but after joining Bigger Pockets and all the great folks on here helped my move into the STR game.We ended up with a standard 2nd home mortgage that was almost immediately transferred so we just started listing it on VRBO and AirBNB.

If you do install any Cadet heaters though, for the love of god please pair them with the manual knob-style thermostats - the Cadet electronic programmable thermostats are maybe the single worst product I've purchased in my renovating life, and were replaced almost immediately after installing them.Doors and Trim. 

I figure I'll get losses of 20-30% of the purchase price as a general rule.

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.