As I've learned from the BP podcasts and in my personal experience in the industry and the trade, succes in real estate investing is so much impacted by the professional relationships and connections, and as such, I'm excited and motivated to start meeting and working with likeminded, motivated, and ambitious persons like myself! 

Start-up costs are also deductible but are amortized over 15 years with a limit of 5k.Start-up costs have strict rules and your case might not be the same as this one.Case Summary:Timeline line of eventsStarted investigating property: FebPut first contract (canceled): MayBought first property: December 30thWhether a taxpayer is engaged in a trade or business is determined using a facts and circumstances test under which courts have focused on the following three factors that indicate the existence of a trade or business:Whether the taxpayer undertook the activity intending to earn a profit;Whether the taxpayer is regularly and actively involved in the activity; andWhether the taxpayer's activity has actually commenced.On the basis investor testimony, we may assume that he undertook this activity to make a profit and that he regularly and actively engaged in it.

After hearing what my relative did, there's another chapter to the story, trading cash flow for appreciation, acquire more properties, due to limitations of the recent tax laws.

Consequently, when you get a DPA loan sponsored by the state, you look for expertise, care, and quality from the lender because there is no significant difference in price.

Don't just go to them with "I have time, I'll trade it for your knowledge, teach me" - you just created a problem for them and now they have to figure if/how they can use you.Do you know your "Why"?

If you are in a trade or business, you may potentially be able to write off costs to attend a meetup, and meals while you attend.The purpose is justified as you are trying to build connections which is required within the real estate space.The costs of the meals have to be reasonable.

Not paying the IRS comes with serious consequences.

S8 is just trading one set of tenant problems, for another set.It is NOT a cure-all!

You are intentionally trading time for money to make the numbers work.

Because as chance has it N95 masks are also popularly used by RRP Contract work, so when hospitals called out for help, several of us in the trades side knowing this pitched in to help.