Completing this form is very tricky, and I highly recommend you leave it to a tax professional who has done it before.Yes, there is some audit risk involved, but not much more than your usual risk of simply being in business.

Changing light fixturesI’m pretty handy but not a professional construction background.

I think every real estate investor wants to be a full time guy because this is very enjoyable, there are lot of pros to being full time, here are some of the cons you should address 1) Finding the deals - As long as you are a passive investor if the math works even a 100$ cash flow a month is okay on the side, you can buy your properties from MLS but when u are a full time investor you need a lot more cash flow and lot better deals.2) Sourcing Finance - Banks look for W2s when you ask for money, you should be lot more creative and risky as a full time professional to source funding.3) Market Cycle and Current Market - Markets will cycle and as much as I know most areas are turning into sellers market with low supplies, how do you tackle that?

I'm an out-of-state investor with a few units, looking to grow in the next 4 yrs, and I'm hoping to find an agent, or some full time RE professional(s) to work with me on this in a specific market.

Should I call an agent or professional in Dallas and have them check the title, liens, tax situation, etc before flying out?

The only thing he requires right now is that i pay a large down-payment towards house number 2. all 4 of them would go live in this new house and i would rent house 1 to some working professionals i know are going to be relocated later this year.Anyway it seems hard to conceptualize this logistically so if this is advisable please offer any guidance. the other option was just to continue to save like normal and he will rent this house to strangers so we all have to make moves this year regardless of the decision i just figured i keep the house and start building equity.Thanks in advance

> You can find a much better ROI in the Midwest.You are a professional. 

All three work well together.As far as electrical work, HVAC work, major plumbing, specialized reno work (like windows) and roofing go we sub those out to licensed professionals.

(If not - then it's a major mess, best left for professionals to untangle.)Under this scenario, here is how you should have handled the sale:From the sale proceeds, reimburse each other for your respective contributions to the closing costs.Whatever is left - split 50/50.For taxes, each of you will report half of the sales proceeds, adjusted for the combined closing costs.If you can go back and do it this way - your economic parity will be intact, and so will be your tax reporting.

I totally agree, it is a better option to let the experienced professionals handle that.